is it possible to create new button or menu item of application using AppleScript as following if it possible , how it can achieve?
The answer, and I'm not kidding, is "it depends." What you can do in a scriptable application depends totally on what features the app developer has implemented. If they added a command to add a button to their UI, then you just execute that command and give it the data it needs, including (probably) an AppleScript to execute when that button is clicked. If the developer did not add such support, you're out of luck.
The bad news is that I haven't seen many apps that do such a thing.