Sanjeev,
If we aren´t speaking about two different things, we are at least watching the same problem from different points of view. Your design pressure comes from your client, and my design pressure is according the Code. According to UG-21:
Code:
UG-21 DESIGN PRESSURE (8)
Each element of a pressure vessel shall be designed for at least the most severe condition of coincident pressure and temperature expected in normal operation.
(8)It is recommended that a suitable margin be provided above the pressure at which the vessel will be normally operated to allow for probable pressure surges in the vessel up to the setting of the pressure relieving devices (see UG-134).
You are completely right. However, the main thing is that the MAWP as stamped on the nameplate is verified by the calculation.
Michael