As i am trying to run my application from newly updated Xcode 8 to my iPhone 4 which is running iOS 7.1.2
It throws below error,
Download & mount http://adcdownload.apple.com/Developer_Tools/Xcode_7.3.1/Xcode_7.3.1.dmg
I was first wandered if it could be mounted directly through hdiutil attach and looks like it could but not for everyone's accounts.
Open to see its content and copy Contents/Developer/Platforms/iPhoneOS.platform/DeviceSupport/7.1 to same path into Xcode application directory.