Solaris

I guess that the TZ is set on a per user basis but not systemwide. As cron has a very limited environment, it may not have TZ set correctly. You can set TZ in the crontab files.

The TZ is set properly in /etc/TIMEZONE, how do I check the TZ is set on per user basics,
The issue is faced by all users who running the date command through cron

Put a TZ assignment into either crontab (man crontab) or /etc/profile (or whatever file will be used by the shell cron is running as the default ).

Jlliagre and RudiC Thanks for your responces

In general, if I see the env command, all the servers are displaying the TZ=<timezone>, but this entry (TZ=<timezone>) is missing in this particular server, that too for all the users.. Hence I added the time zone settings in /etc/profile.. Now the cronjobs are giving the correct data and time (without any delay..)

My curiosity is from where this TZ=<timezone> variable is getting exported for servers, and why this server is not getting updated even the /etc/TIMEZONE file has proper entry..

Is /etc/TIMEZONE a symlink to /etc/default/init ?

yes that's correct... its a symlink ..