Hi,
Can you please also let me know the devise that you are trying to upgrade from 11.4 to 12.3.
update the output of the comand "show version"
Some devise cannot be upgraded to 12.3 Devise at all and hence we need to know the chassis which you are trying to upgrade.
All low memory devises can not be upgraded to 12.3 code.
SRX100b/H, SRX110H, SRX210B/H/BE/HE, SRX220H, SRX240B/H/B2 do not support 12.3X48 image.
Last junos image supported on the above devises is 12.1X46-D65.
Regards,
Guru Prasad