version is a overall release of a application to the client
but a build is a release to the testing team by the 
development team

Build :Its a release from the development team towards the 
testing team.

Version : It shows how much iterations each build has taken 
throughhout.

build is the product or prject given by the developer to 
the tester.
version is the changes made by the tester in each iteraton 
or use case  creating a new version.

Version: It is nothing but application.

Build: It is a part of the application.

Example: In Build 1.o , application has Module 1

       And the Version from configuration management will 
be  1.o  


In Build 1.1 , application will/ might have module 2 or the 
module 1's bug might be fixed and realsed.

for this the version will be 1.1 or 2.0.