I tried all the solutions given in all the forums, none worked out.
Finally, I had a chat with apple customer care executive, and I was provided with a solution that worked.
Steps:
1. Uninstall all apple related software (Itunes, Apple mobile support, Quicktime, Bonjour, Apple software update etc.).
2. Restart pc
3. Download new itunes and install.
This worked perfectly for me.
The possible problems which could have caused the issues were:
1. Some bad patches in iTunes software (which was my issue finally)
2. Software update using wifi (instead of iTunes). (
(The executive advised me to always update through iTunes instead of wifi to avoid any possible glitches in the future)
I hope this should work for someone 🙂
Cheers!
Salman