Here's a possible fix for Error 11503 and for error 50.
It worked for me and hopefully it will work for you.
I believe this error is caused by the incomplete downloading of either an update to an app, or perhaps a big music file. In my case it was caused by closing the lid on my laptop when I was downloading app updates on a very slow internet connection in a hotel.
Anyway, here is what I did that fixed it completely.
Close iTunes.
Go to this folder : /iTunes/Mobile Applications/Downloads
You'll find tmp files there. Drag them out of this folder to a temporary folder on your desktop. The Downloads folder should now be empty.
Restart iTunes.
All should be fine.
If it's not, then I can't help further, but that's what worked for me.