"and using allowble voltage ripple of 1% , capacitance is about : C=Vbus/(32*L*deltaV*f*f)= 120uF
is this type of calculation valid ?? "
Simple answer: no
For most capacitors in these applications, the limiting factor is the self-heating due to the ESR * I ripple^2.
Capacitor manufacturer's provide maximum ripple requirements.
Even then, good engineering practice dictates that one significantly de-rates this maximum level. This to have a long service life, specially if the drive is to be used on harsh environments.
Additional consideration for battery-power applications may dictate that one increases this value even further. Why? Because batteries can become expensive replacements, and again self heating due to ripple is a life-reducing contributor.