Debug configuration in Arm Development Studio v2023.1

Hi,

I am working on TSoM Cyclone V development kit with Arm Development Studio v2023.1.
I have setup Debug configuration according to intel user guide.


Unfortunately, I am unable to establish connection and below error pops up after few secs of clicking "Debug"

I am sure that my PC detects JTAG interface via USB Blaster ||

I have tried the fix suggested in post Arm development studio 2024 altera_debug_server.py error detected - Arm Development Studio forum - Support forums - Arm Community
It didn't help to fix the connection and same error pops up.
Restarting IDE also didn't help to fix the connection.

Is there anything am I missing in the debug configuration ?

Best Regards,
Naresh