It's all about your luck because you can't control Apple's Server's traffic problem, We all merely become the victim of that..So cut the long story short...
By restarting may work but everyone as in my case, i tried by restarting XCODE, SYSTEM, ROUTER and anything and everything possible, only error name had changed from "The network connection was lost" to "The request timed out" and vice Versa..!
Again i googled for that error some more solution i have found so i thought it may help further seekers.
Here,
XCode 5 hangs with a timeout error when validating/uploading a "ready to be uploaded" app
PS: Only perseverance can help you in this way..keep redialing..And WAIT and WATCH:P