According to Apple Advertising guide: https://developer.apple.com/appstore/resources/approval/guidelines.html#advertising
I have confusion about the this point:
Answer to my Question is YES. Finally I have my app on AppStore: https://itunes.apple.com/in/app/ui-maker-design-mobile-app/id791072042?mt=8
It does allows to have In-app purchase to make iAds Free version. Thanks to Apple.... :)
Here both answers are correct.. But unfortunately, I can accept only one... so +1 to both... :)