Kernel logo is not appearing while booting in RPI

I have started using buildroot on my Raspberry Pi (version B - ya the older one not the latest) and everything till now went smooth even I could able to add my own packages and make it part of the build. The resulting kernel as well as the root file system boots and works fine.

As a next step I am working on getting the bootup splash screen working. For that I found that the kernel logo(Small penguin) itself is not showing on my display.

I have confirmed the following things.

In my kernel configuration "Device driver > Graphics support > Bootup logo > Standard 224-color linux logo" is enabled and also I can confirm the Frame buffer support is enabled as I can see DirectFB example "df_andi" working fine.
My kernel command line doesn't have following configuration added (Verified by looking at /proc/cmdline output on RPi)

logo.nologo

Looks like I am missing something, can anyone point to next step to get the logo working.

Note: I am using the default RPi configuration available with the buildroot and using Car rear view display to check the video (4:3 aspect ratio composite video connection with resolution 480x272).

Solution

After going through all possible options finally found the problem. I am just adding my answer here, it might be helpful for others.

The issue is with the kernel command line parameter where the frame buffer depth was wrongly provided. Changing the frame buffer depth from 32 to 16 fixed the issue.

To be more specific the following line inside the config.txt file of boot partition fixed my issue

framebuffer_depth=16