Windows 8 : Android : TypeError: argument of type 'NoneType' is not iterable

I just installed fresh Titanium Studio build: 3.1.3.201309132423 I tried to run a simple Hello world program in Android Emulator where I got the following Trace at Console and not able to run the sample.

[TRACE] Writing out AndroidManifest.xml
[ERROR] Exception occured while building Android project:
[ERROR] Traceback (most recent call last):
[ERROR]   File "C:\Users\JOHN\AppData\Roaming\Titanium\mobilesdk\win32\3.1.3.GA\android\builder.py", line 2598, in <module>
[ERROR]     builder.build_and_run(False, avd_id, debugger_host=debugger_host, profiler_host=profiler_host)
[ERROR]   File "C:\Users\JOHN\AppData\Roaming\Titanium\mobilesdk\win32\3.1.3.GA\android\builder.py", line 2316, in build_and_run
[ERROR]     self.manifest_changed = self.generate_android_manifest(compiler)
[ERROR]   File "C:\Users\JOHN\AppData\Roaming\Titanium\mobilesdk\win32\3.1.3.GA\android\builder.py", line 1443, in generate_android_manifest
[ERROR]     '-I', self.android_jar], warning_regex=r'skipping')
[ERROR]   File "C:\Users\JOHN\AppData\Roaming\Titanium\mobilesdk\win32\3.1.3.GA\android\run.py", line 38, in run
[ERROR]     print "[DEBUG] %s" % subprocess.list2cmdline(args_to_log)
[ERROR]   File "C:\Users\JOHN\AppData\Local\Titanium Studio\plugins\com.appcelerator.titanium.python.win32_1.0.0.1338515509\python\lib\subprocess.py", line 580, in list2cmdline
[ERROR]     needquote = (" " in arg) or ("\t" in arg) or not arg
[ERROR] TypeError: argument of type 'NoneType' is not iterable