Hello akhil41,
Thanks for visiting Apple Support Communities. We understand that after choosing to install an update and seeing the process complete, your iPhone is still showing an older software version. You also mention that you need to restore a backup that was created while on a newer software version. You are right. We'll need to get the iPhone X updated to software version 14.6 before you can restore that backup. If you haven't already, restart your iPhone to ensure fresh connections: Restart your iPhone
Then, let's check for the update file and remove it. This way you can download a fresh update file to install. To check, tap Settings > General > iPhone Storage, then look for the software update file. If you see it in the list, tap it once, then choose to delete it. Then try to update once more. Those steps can be found under "Remove and download the update again" here: If your iPhone, iPad or iPod touch won’t update
If you're not able to update wirelessly, try updating using a computer (Mac or PC). Those steps can be found in the guide you recently reviewed, but we'll provide it here, just in case: Update your iPhone, iPad, or iPod touch
Keep us posted on the results.
Take care.