Well I was able to use activesync/internet using Bluetooth for my ISSC USB dongle.I tried for around two weeks with bluesoleil stack which was provided with dongle.
So this post is for those who are stll stuck with same problem.
1. Follow this link
http://forum.gsmhosting.com/vbb/showthread.php?t=187115
2. Upon completion dont start serial port on windows.Try to refresh on axim and you will see activesync as service avilable
on com port7.
Enjoy!