Retrieve File Url from Upload Form When Form is submitted
found the solution here.I am not sure what is the core issue but below is the solution

This was the comment in the above link where I found solution.


  More than likely eveyone who is having a problem here has been
  developing on their local computer, then are tryng to migrate their
  system to a remote server. When you do this, you are probably moving
  your setting for directory paths along as well.
  
  For example the temp path for your images is probably different than
  the image temp path on your host system.
  
  I recommend this test in Drupal 6.14. goto /admin/settings/file-system
  
  and look at your temporary directory... if its glaring red, then try
  renaming it to something like: /tmp. if that does not work, try
  renaming to just tmp ( no forward slash)
  
  Next step to test this will be to upload an image or file. I tested it
  by uploading a new logo. But remember, that if you do a FULL DB dump
  from phpmyadmin from your local computer to the new host, you will
  probably see this problem again.


For Drupal 7 guys I just went to admin/config/media/file-system , so basically find out where the file system is in your config area and I change the '/tmp' to 'tmp'.

After changing it was able to print the file object :) 

stdClass Object ( [uid] =&gt; 1 [status] =&gt; 0 [filename] =&gt; 3-26-2014 12-15-54 PM.png [uri] =&gt; temporary://3-26-2014 12-15-54 PM.png [filemime] =&gt; image/png [filesize] =&gt; 30536 [source] =&gt; private_file [destination] =&gt; temporary://3-26-2014 12-15-54 PM.png [timestamp] =&gt; 1395828492 [type] =&gt; image [field_replacement] =&gt; stdClass Object ( [uid] =&gt; 1 [status] =&gt; 0 [filename] =&gt; 3-26-2014 12-15-54 PM.png [uri] =&gt; temporary://3-26-2014 12-15-54 PM.png [filemime] =&gt; image/png [filesize] =&gt; 30536 [source] =&gt; private_file [destination] =&gt; temporary://3-26-2014 12-15-54 PM.png [timestamp] =&gt; 1395828492 [type] =&gt; image ) [fid] =&gt; 3102 ) 


Hope it help someone.