Before you go and suggest it as a duplicate of other IIS HTTP Error 503 questions, I have already tried many solutions available on SO and also on Google but the problem is not resolved. Below are the most popular solutions that I have found:
IIS - HTTP Error 503. The service is unavailable
Solve HTTP Error 503. The service is unavailable in IIS
In my case:
IIS is not working while the port 80 is open and free to use.

As far as I know the error is caused if the application pool is not enabled (started) for the website in IIS.
I have already closed all other applications like Skype, Google Disk etc who can possibly use port 80 and checks if the port is in use or not.

Then I looked into the Application Pools of IIS and found DefaultAppPool status stopped.

After starting the DefaultAppPool I recheck my web and gets the same error.
And now the situation is like, DefaultAppPool status shows started until I don't hit any URL. Whenever I request any URL for my local websites or localhost, the browsers returns me the Service Unavailable error message and the DefaultAppPool status change to stopped automatically.
I have already tried the iisreset command but after resetting IIS the problem is still there.