Hello Pavan,
In this configuration, the processor starts the ROM bootloader, then loads the image from the SD card into RAM and then runs it. The application note that you followed loads the image from the SD into ITCM RAM memory. The ITCM memory size is of 64KB, this is the reason why you cannot load a bigger image. You can load the SD image into OCRAM instead of ITCM, the size of OCRAM memory is of 128KB.
One last thing, besides the application note (AN12107) I recommend you to refer the following tutorial to boot from micro SD card on the i.MXRT.
Hope it helps!
Victor.
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