Mumbai

Yes, you can do both M.Com and MBA degree together only if you will do one degree from regular university and another degree from distance university. You cannot do both the degrees together on a regular basis. Also, you cannot do two degrees together from one university at a time. Yes, but you can do two degrees together in distance education.
If you want to give more preference to MBA, then you can do MBA from a regular University. M.Com is a general commerce degree, so you can do it from distance education. The value of M.Com through distance education is same as regular.
You should do MBA full time course and M.Com part time course. You have to get admission in IGNOU in M.Com and go for CAT/MAT/XAT entrance test for MBA.
Best of luck.