I am experiencing timeout after 60 seconds for apache web server + php running in IBM softlayer.

These are my settings (httpd server restart after these settings)

httpd.conf  
TimeOut 300
Timeout 300

* tried both at the same, also single entry of TimeOut and Timeout only.

php.ini
max_execution_time = 300  

PHP code:

<?php
set_time_limit(10000);  //Just to make sure
sleep(70);
echo "Successful";
?>  

Using Command Prompt

php test.php  

Result is Successful

Using different browsers (Chrome, Firefox and Safari)

http://mysite/test.php    

Result : Timeout exactly at 60 seconds!

Logs

php_error.log and httpd error_log
No errors!

I've found similar articles about this, but everybody is pointing at max_execution_time and Timeout. So far, no help.
Thanks a lot!