did you try the absolute minimums yet? reboot your computer?
I did reboot and uninstall completely and reinstall my iTunes. I got the following result after run diagnostics
Microsoft Windows 7 Ultimate Edition (Build 7264)
INTEL_ D945GCR_
iTunes 11.0.4.4
QuickTime not available
FairPlay 2.4.14
Apple Application Support 2.3.4
iPod Updater Library 10.0d2
CD Driver 2.2.3.0
CD Driver DLL 2.1.3.1
Apple Mobile Device 6.1.0.13
Apple Mobile Device Driver 1.64.0.0
Bonjour 3.0.0.10 (333.10)
Gracenote SDK 1.9.6.502
Gracenote MusicID 1.9.6.115
Gracenote Submit 1.9.6.143
Gracenote DSP 1.9.6.45
iTunes Serial Number 001CB4C808A0A8D8
Current user is not an administrator.
The current local date and time is 2013-06-28 05:41:49.
iTunes is not running in safe mode.
WebKit accelerated compositing is enabled.
HDCP is not supported.
Core Media is not supported. (16005)
Video Display Information
Intel Corporation, Intel(R) 82945G Express Chipset Family (Microsoft Corporation - WDDM 1.0)
**** External Plug-ins Information ****
No external plug-ins installed.
iPodService 11.0.4.4 is currently running.
iTunesHelper 11.0.4.4 is currently running.
Apple Mobile Device service 3.3.0.0 is currently running.
**** Network Connectivity Tests ****
Network Adapter Information
Adapter Name: {EA87B5FB-8DB6-4452-BB53-4F2F5C0E55B5}
Description: TATA Indicom
IP Address: 14.96.254.146
Subnet Mask: 255.255.255.255
Default Gateway: 0.0.0.0
DHCP Enabled: No
DHCP Server:
Lease Obtained: Thu Jan 01 05:30:00 1970
Lease Expires: Thu Jan 01 05:30:00 1970
DNS Servers: 103.8.46.5
121.242.190.210
Adapter Name: {1135C8DC-3E51-41A2-BE96-215E90558739}
Description: Realtek RTL8168B/8111B Family PCI-E Gigabit Ethernet NIC (NDIS 6.20)
IP Address: 0.0.0.0
Subnet Mask: 0.0.0.0
Default Gateway: 0.0.0.0
DHCP Enabled: Yes
DHCP Server:
Lease Obtained: Thu Jan 01 05:30:00 1970
Lease Expires: Thu Jan 01 05:30:00 1970
DNS Servers:
Active Connection: TATA Indicom
Connected: Yes
Online: Yes
Using Modem: Yes
Using LAN: No
Using Proxy: No
Firewall Information
Windows Firewall is on.
iTunes is NOT enabled in Windows Firewall.
Connection attempt to Apple web site was unsuccessful.
The network connection timed out.
Basic connection to the store failed.
The network connection timed out.
Connection attempt to Gracenote server was successful.
The network connection timed out.
iTunes has never successfully accessed the iTunes Store.
Please help