Yeah Apple has created a newer version of Lion OS X for the new Mid 2012 Macs as they need different drivers then all older models of any Mac. So it would seem Apple has not updated the Lion download servers to iniclude this newer version for newer Macs. Your only option it to take it to an Apple store and have them reinstall the OS or return it for another (or return it for full refund and buy something that you are use to and works).
Then if you want to try this again first use one of the Cloning software programs, Carbon Copy Cloner or SuperDuper, to Clone the drive to an external before you strat this process again.
I remember something similar happening when OS X Lion was first released. At that time, the mid-2011 MacBook Air hit the store shelves and many users could not do a full reinstall from the Apple Servers. The reason, was that the MacBook Air had a specialized version of OS X Lion with a build number that has 4 numbers (i.e. build 11AXXXX) following the OS release number. In contrast, the release version of OS X at the time was 11A511 which uses 2 or 3 numbers and is a universal version of OS X that can be used by any Mac. The reason why you are experiencing problems installing OS X Lion is because you got the newest MacBook Pro which has a specialized build of OS X Lion and as in previous cases, it has 4 numbers meaning that it is a specialized version of OS X.
You appear to be running the following version of OS X Lion:
As you can see, it's an exclusive and optimized version of OS X for your MacBook. Your only hope is that Apple releases the OS X 10.7.5 release which most likely be universal with all Macs.
I suggest going to the Genius Bar to sort things out.
Hope my little explanation helps.
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@sharma, you need to call tech support to log the issue about your notebook. After that they will advice you to return your laptop to where you bought it.
If you bought it online from applestore, you have to call customer service and tell them you want to return it as adviced by the tech support. Make sure you asked the tech support for the log number when you called them as the csr will ask you for it. The csr will arrange with the courrier for the date of pickup of your unit along with thr TR number for the returning unit.
Once they recieve your unit, they will arrange a date of delivery of the replacement unit. They will email you details and new invoice of the replacement unit.
If you bought it from a local store, you need to bring it to that store and tell them what to do about it. Either they'll fix it or replace it from their stock.
Hope this helps. good luck!