The complete definition of inverse of a matrix is- if $AB=BA=I$, then $B$ is inverse of $A$.
But l want to know that from $AB=I$, can we comment $B$ is inverse of $A$? Is it possible that $AB=I$ but $BA$ is not equal to $I$?
[ I personally think it is impossible since the inverse of a matrix is unique. Please clarify if I am wrong.]
This actually is the definition of the inverse for any ring. If only one of $AB=I$ or $BA=I$ holds then we talk about partial inverses.
Yes and no. Depends on the underlying ring.
Let $A,B\in\mathbb{M}_n(R)$ for some commutative ring $R$. If $AB=I$ then
$$1=\det(I)=\det(AB)=\det(A)\det(B)$$
showing that $\det(A)$ is invertible in $R$ and so $A$ is invertible. It's a theorem that $A$ is invertible if and only if $\det(A)$ is invertible. In particular $BA=I$.
For non-commutative rings the determinant is not well defined and moreover it may happen that $AB=I$ while $BA\neq I$. So over non-commutative rings there are partial inverses that are not inverses.