Finally was able to Obtain the Value. Posting the exact steps followed for anyone who needs to do this.
- Create the Custom Field “Item Location” under Doc Type Item
- Create the Custom Field “Item Location” under Doc Type “Sales Order Item”
- Create the Custom Script under doc type “Sales Order” (Note that it has to be created under “Sales Order” was able to reach this conclusion based on the following issue link
Thats all it takes to display the Custom field in the Sales order form based on data entered in Item form.