Hi Atif,
I just did a quick and dirty test. It worked perfectly. But we do not have fund based budget release and I included the budget types in 9H. However the documentation does say you can leave that configuration blank. The other thing is I made RIB structure at the same level as budget structure (our AVC control object is aggregated). You might want to first reconstruct AVC ledger then look at the report FMAVCR01. That report tells you a whole lot more than BUDCON does.
Regards,
Ming