Changing the .ipa file artwork of compiled iPhone application

Question

Just do following steps & you will understand what problem I am facing right now.

1. Create a new project from template.
2. File / New Project - Navigation based application.
3. Create any 32 x 32 image (.png) from any image editor & name it as icon.png
4. Drag that file to your applications resources.
5. Compile & run your project on iPhone.
6. iPhone application will have proper icone as we have placed icon.png file under resources.

But the problem starts now.

When ever we compile.

1. There is a build directory under your project.
2. go to "Debug-iphoneos"
3. Select yourapplication.app
4. Drag it under applications ( - iTunes - )

Application on iPhone has an iCon ( oops icon ) but it has no icon on iTunes Y? Why ?

How to place an icon on iTunes ?