3586001 - Error "NIECONN_BROKEN" when validate S/4HANA On-Premise connection in Datasphere

When validate the S/4HANA On-Premise connection in Datasphere, below error message is displayed in the details:

Remote Tables: Unable to connect remote source:[SAP][ODBCforABAP] (08001) Open backend connection: 
NIECONN_BROKEN : unable to receive data from connproxy-xxx. Response: HTTP/1.1 503 Service Unavailable

Or:

Remote Tables: Unable to connect remote source:[SAP][ODBCforABAP] (08001) Open backend connection: 
NIECONN_BROKEN : unable to receive data from connproxy-xxx. Response: HTTP/1.1 500 Internal Server Error

Cloud Connector is selected for Data Provisioning Option under Remote Tables section of S/4HANA On-Premise connection to use the ABAP SQL service to federate data with remote tables.

"Image/data in this KBA is from SAP internal systems, sample data, or demo systems. Any resemblance to real data is purely coincidental." 

SAP Datasphere

KBA , DS-DI-CON , Connections , BC-MID-SCC , SAP Cloud Connector On-Demand/On-Premise Connectivity , HAN-CLS-HC , HANA Cloud Services HANA Cloud , Problem