As I suspected the root cause of the issue was due to the type of user account.The host user account was with an e-mail account.
The problem arises only when the user account is of with more than 20 characters.
I used the user account which is having 30 characters.
As per the Samba version 2.2 the maximum characters accepted for username is only 20.This limitation is implied by the samba protocol. To confirm this hypothesis I went ahead and created a user account with less than 20 characters and the samba connectivity works fine with the email account in Windows 8.1.
This particular scenario will not happen when the client is accessing the samba share with a local user account because Windows Specification itself limit the maximum characters for user account as 20.
Does anyone know how to solve this problem anyway from the client side? If we can disable the authentication at client side then i think it should be possible.
I also found another link which I'm going to try now.