HTTP Error 401.3 - Unauthorized Error - While creating IIS 7.0 web site on Windows 7

After Migrating the application to work with the Integrated .NET mode, you might come across a problem: Server Error in Application "WebSiteName" - HTTP Error 401.3 – Unauthorized 

HTTP Error 401.3 – Unauthorized

Resolving HTTP Error 401.3 – Unauthorized Error

Click on Authentication and click edit after choosing Anonymous Authentication. In the opening window select Application Pool identity and click OK.

Resolving HTTP Error 401.3 – Unauthorized Error - Application Pool Identity