I\'m running Xcode 4.3.1 iOS-Simulator which originally only supports iOS 5.1.
I need to test my code with iOS 4.3, so I used Xcode\'s \"Install\" feature to install
Did you tried to just delete the 4.3 SDK from within the Xcode Package?
/Applications/Xcode.app/Contents/Developer/Platforms/iPhoneSimulator.platform/Developer/SDKs
please also delete the corresponding .dmg file in
~/Library/Caches/com.apple.dt.Xcode/Downloads
to prevent Xcode from re-installing the same package again.
for XCode >= 6 see @praveen-matanam 's answer