In my case, it was not working even after trying all solutions and setting all limits to max. In last I found out that a Microsoft IIS filtering module Url Scan 3.1 was installed on IIS/website, which have it's own limit to reject incoming requests based on content size and return "404 Not found page".
It's limit can be updated in %windir%\System32\inetsrv\urlscan\UrlScan.ini
file by setting MaxAllowedContentLength
to the required value.
For eg. following will allow upto 300 mb requests
MaxAllowedContentLength=314572800
Hope it will help someone!