I got the Samsung Galaxy Note shv-e160l (Korean version) as a gift, running the stock ICS 4.0. I want to flash official indian JB ROM (of the GT-N7000) on it. Is it possible if I root my device?
No, do not try to do this, or you will brick your device. SHV-E160L and GT-N7000 have completely different processors (Qualcomm Snapdragon APQ8060 for SHV-E160L, and Samsung S5PC210 for GT-N7000); e.g., see this comparison.
There are some custom ROMs for SHV-E160L in the xda-developers section for AT&T Samsung Galaxy Note I717 (this device is closer to SHV-E160L, but also not 100% compatible, so look carefully and use only ROMs which are made for SHV-E160L).