Apple wont reject the App , they give extended time before May 1st with warning.Failing to resolve by May 1 when you upload new app will lead to rejections. Sample App store review warnings from forum ITMS-91053: Missing API declaration - Your app’s code in the “YourApp” file references one or more APIs that require reasons, including the following API categories: NSPrivacyAccessedAPICategoryUserDefaults. While no action is required at this time, starting May 1, 2024, when you upload a new app or app update, you must include a NSPrivacyAccessedAPITypes array in your app’s privacy manifest to provide approved reasons for these APIs used by your app’s code. For more details about this policy, including a list of required reason APIs and approved reasons for usage, visit: https://developer.apple.com/documentation/bundleresources/privacy_manifest_files/describing_use_of_required_reason_ap

Have uploaded 1.1.0001(1) build 1st.Later uploaded 1.1.1(2) build both comes falls under version 1.1.001 series only ..Does apple truncate it and consider 1.1.1 as 1.1.0001 ?

Yes .Same issue .Not able to upload the app to testflight.