Thanks pecke and Aficionado,
I have resolved the problem with help of stackoverflow. As pecke said, I have edited the php.ini file, previously it had memory_limit = 900, and I thought it will be read as megabytes, but PHP seems to treat it like bytes, therefore, I just converted the value of 900MB into bytes and inserted it into the line.
I hope the above will help if someone else will be facing similar problem.
Thanks again for the support! I really appreciate all the help I am getting from you folks!