Thank you for your reply.
As I mentioned earlier, WA.Common is from Quest and is available in GAC.
Also I have copied this dll file to bin folder.(Just in case…)
It seems "ListBasedWebPart" module is missing and I am stuck here.
I have been using this customized master page for about two years with no issue, once I included 'qCascadingMenu' webpart in the master page, I am geting issue. (the same webpart is working as charm when I included in master page using SPD 2010)
I am having another master page (act as default master) in the same solution, that is working with no issue.
Once I changed the master page (we are using publishing template) in the site collection (after deployment), I am getting the error which I mentioned start of the discussion.