Tm1 Web - HTTP 500.19 - Internal Server Error

[AWTM1]

I have installed Tm1 10.1 on my local Windows 7 machine along with Tm1 web. When I try and launch TM1 web from IE I get the following error:

HTTP Error 500.19 - Internal Server Error

I have checked the Virtual Directories and they have been created correctly on install. I have also tried following the IBM technote by removing the Configurations within the web.config file and restarting everything this did not work. The security is set up on the virtual directory to be Application user (pass-through authentication). Tm1 excel service, application server and admin server are all running locally.

Has anyone had any simular issues and been able to resolve this problem? Any ideas?

Thanks

[AWTM1]

Note the Config Source error is:
224: </modules>
225: <handlers>
226: <remove name="WebServiceHandlerFactory - Integrated" />