Problem when selecting ITunes File "ITunes Library.itl" cannot be read because it was created by a newer version of ITunes? Need help!

Issue when selecting ITunes - File reads "ITunes Library.itl" cannot be read because it was created by a newer version of ITunes.
1. Re-installed ITunes and problem still exist, and
2. Re-installed earlier version of ITTunes (10.3) problem still exist
Need help!

Finally (after extensive searching) found a solution for you my friend:
1) Open Finder,
2) On the top right search box enter .itl
3) Move to trash all the .itl Files you see then restart your iTunes, and your iTunes is back to you.
Hope this works buddy.

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