Root Cause:
In Window 2003 R2 SP2 server build it has Microsoft.NET Framework 2.0 Service Pack 1 and Microsoft .NET Framework 3.0 Service Pack1 installed by default.
Fix:
Register the .NET version with IIS
Open command prompt and change the directory to
for 32bit- C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727>
for 64bit- C:\WINDOWS\Microsoft.NET\Framework64\v2.0.50727>
Use the following command to register.
aspnet_regiis.exe – i
The above will register ASP.NET v2.0.50727 with IIS on the system.