Disable the Home Sharing functionality within iTunes 7.1 or above. After applying this command the option ‘Home Sharing’ will disappear in the navigation bar and the Advanced menu options.
defaults write com.apple.itunes disableHomeSharing -bool YES
To make the command take effect, you need to restart iTunes.
Re-enable the home sharing option with the following command:
defaults write com.apple.itunes disableHomeSharing -bool NO