Please re-install Photoshop CC/CC 2014 and try applying the updates again.
You can re-install using Creative cloud app.
Choose 'Previous Version' in the Apps filter as shown above and then Choose Photoshop CC/CC 2014 as applicable and then apply updates through Help> Updates.
Let me know if you need more info around this.
This doesn't work Pragya.
Please follow the below mentioned steps to resolve the issue:
- Quit and Relaunch CC app
- Open the Adobe Creative Cloud application.
- Mac OS: Go to the Applications folder and open the Adobe Creative Cloud alias.
- Windows 7: Go to Start > All Programs > Adobe Creative Cloud
- Windows 8: Open the Adobe Creative Cloud application from the Start Screen.
- Click the Apps tab in the Adobe Creative Cloud applications.
- Click on All Apps, then Previous Version
- Your installed CC Product would be listed, Click on Install Drop-down and then select the CC 2014 to install.
- After Successful Installation, Update your Product
Let me know if you are still not able to Update ACR.