Hello Pramod.,
the answer is yes if:
a)one of the two interfaces provide the L1 clock to the other one exact details depend from underlying phyisical SDH or E1:
clock source internal on int atm if SDH based
under controller atm if ATM E1.
B) you use the same VPI/VCI on both sides because no one can change the values
I did this several times in lab setup.
To be noted that you cannot connect back to back two ADSL interfaces you need SHDSL modules see
http://www.cisco.com/en/US/docs/ios/bbdsl/configuration/guide/bba_t1-e1_shdsl_ps6350_TSD_Products_Configuration_Guide_Chapter.html
Hope to help
Giuseppe
