In addition, make sure that you don't have a LaunchImage.xib active in the project. I had this same problem, which persisted even though I removed my 4.7/5.5" images.
I found that iTunes Connect accepted my build when I removed the LaunchImage.xib and cleared that out of the "Launch Screen File" field on the target's General panel in Xcode.
In my case it was because I started with an iOS8 based project, and then manually converted it to an iOS7.1+ compatible project.
Finally, I don't know if it's required, but it may also be necessary to uncheck the "iOS 8 and Later" options for any images you have as well. These can be found on the properties panel for each image within your "Images.xcassets".