Which is the best server for application as well as web development in case of java platform ?

Do you mean the best "Application Server"?

It depends on your business constrains, if your DB is Oracle; then Oracle App server should be your choice.

If you want to access DB2 or IBM i then you should probably go with (WAS: Websphere Application Server).. 

Of course the above servers are not mandatory, they just support their environment better because they are created by the same vendor (Oracle/IBM.. etc).

But if you just need an application server that could support light/medium sizse applications I would strongy advice going for the free and stable ones like GlassFish or JBOSS.