Hello Jay,
Let me see if I can help a bit:
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Q1-->Does SAP 4.7 support ITS?
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You need to use ITS 6.20 (standalone ITS). See SAP note 325616 for details.
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Q2-->I am on a process of developing a ITS application using SAP 4.7 version.When I tried to create a new service using SICF tcode I couldn't found the hierarchy details from gui.In my system its available till SAP-bc.
SICF->Default Host->SAP->bc->gui->sap->its
Highly appreciate if any of you could help me to understand
What configuration I need to perform to get the rest of the hierarchy details?
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You need to develop your app in SE80 and then publish it in your ITS 6.20. See the ITS 6.20 documentation in the "docs" directory (after you have installed the 6.20 version).
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Q3-->In ECC 6.0 I found a Internet Service (SE80) as ITSMOBILE but I guess this Internet Service is not availble in,apperciate if you please help me with the respective service name availble in 4.7.
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Again, you need to use the ITS 6.20 for release 4.7.
At last, but not least, please note that the ITS 6.20 is no longer supported (no new developments, etc). See SAP note 197746!
I hope this helps,
Cris