Hi Jayanth:
An absolute test of a color meter is using a black body. I never seen a real one, but I heard there are some at the meters factory. It may be others at some optics or physical department.
A more practical test is by using a naked, new, cinematography tungsten lamp. If the voltage is right the color temperature should be right. You may also verify it with a digital camera; (I guess) grey card should photograph grey using the tungsten white balance pre-set.
By the way, which color meter do you prefer, or consider best, Sekonic?, Minolta?
Thanks
Marcelo
Buenos Aires
Argentina