|P is for Practical|
when i dump the binary code to .txt and change it to .jpeg image is not shown.
JFIF is the correct internal identifier for .jpg's; changing it to .JPG doesn't make any sense at all.
If your image tools aren't recognising the file format, it probably means that it is getting corrupted in some (other) way.
I suspect, based upon your (very limited) code snippet, that you are probably forgetting to binmode the socket you are reading from, and/or using readline (or <$fh>) to read from that socket, without having changed the input separator.
To get a proper answer, you'd need to show the full code -- or at the very least, the code where you open the socket and read from it -- but the full code would save you and us time.
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