It mostly happens when IIS is installed after .NET is installed. So in this case we need to make use of aspnet_regiis.exe utility.
1) Go to command prompt
2) Go to the following path
“C:WINDOWSMicrosoft.NETFrameworkv2.0.50727”
depending on the version.
3) Enter “aspnet_regiis.exe -i”
4) It will display the message finished installing
5) Open your IIS
6) Select web service extensions
7) Click on Allow for ASP.NET v2.0.50727
That’s it . Now the IIS has been configured properly
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Nishant Rana's Weblog 
Thanks Nishant, I have been banging my head on the desk for a while about this kind of error – turns out the web service extension was prohibited
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i’m still getting page cannot be displayed error
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