The file “iTunes Library.itl” cannot be read

Hello experts,
I did the required updates for iTunes and it was full with error so I have uninstalled the newest version and I have installed an older version 10.7. Now I have this error and is asking me to make the necessary updates. If I click Quit the iTunes is closing and in cannot open it again and skip the updates. Can anyone help me please to fix this error? What is the problem with these updates?
Thank you!

The file “iTunes Library.itl” cannot be read because it was created by a newer version of iTunes. Would you like to download iTunes now?
