Also checkout lines 425-432 of includes/session.inc:

/*
    Uncomment the setting below when using FA on shared hosting
    to avoid unexpeced session timeouts.
    Make sure this directory exists and is writable!
*/
// ini_set('session.save_path', VARLIB_PATH.'/');

ini_set('session.gc_maxlifetime', 36000); // 10hrs

I googled alot .. increased max_execution time, also checked couple of other parameters like max input time etc. but problem  still not resolved.

I noticed that command get halts exactly after 10 Seconds each time.  I guess there is a a parameter which is by default set 10 Seconds and need to be increase, but not able to trace that..

Here is the url link where issue arose
http://localhost:8888/dasco/gl/inquiry/gl_account_inquiry.php?

Please help.