Kohli won the 'Polly Umrigar Award' for the being the best Indian cricketer of the 2011-12 season in international cricket.
With it, Kohli had his name added to other stars who have received this honour previously including Tendulkar and Rahul Dravid. He was presented with a glittering trophy and a cheque of Rs. 5 lakh.
VVS Laxman, who retired before the start of the home rubber against New Zealand in August was also felicitated for his stupendous achievement in international cricket for past decade and half.
The prolific batsman was also adjudged as ICC's 'ODI Cricketer of the Year' earlier.
"I am happy to receive the award in front of so many cricketers whom I have watched and got inspired by. I hope I can continue in the same way this season," said the Delhi batsman after receiving his award.
Earlier, after receiving his award, Tendulkar thanked Gavaskar and called him his inspiration for taking up the game.
"We grew up watching you. Thanks for inspiring me to play cricket. All I wanted to do was to follow your footsteps," said Tendulkar addressing Gavaskar sitting in front.
"I was 12 or so and was disappointed as I did not get the 'Best Junior Cricketer' award. I got a letter from Mr Gavaskar saying if you go through that list there is one person who did not get that award and he (Gavaskar) had not done badly in Tests," said Tendulkar.