It turns out, it's really important to download the exact iTunes version offered by Apple and not Microsoft Store. 
Here is what you need to do:
  1. Uninstall iTunes downloaded from The Windows Store.
  2. Reboot your PC.
  3. Launch WALTR 2 and install drivers when prompt or if iTunes is needed, then only download it from Apple’s official page using this link:
  4. Try WALTR 2 again. Should work like magic now :)