ASP.NET: Favicon is not displaying in Internet Explorer

Requirements:

1.  It must actually be a .ico (an Icon) file.  Bitmaps, pngs, gifs, etc, will not work.  IE7 will download your favicon to the Temporary Internet Files folder and call ExtractIcon() on the file.  If this fails, we will show the default icon instead of your favicon.
2. 16x16 pixel size icon
3. Since IE loads your icon out of the Temporary Internet Files folder, it must be able to actually store it there.  If you are setting the no-cache directive for the icon file, then IE will not be able to display your icon and will display the default icon instead.         
   Tools->Internet Option->(Browsing history section)Settings->(Check for newer version of stored page) Select: Every time I visit web page.
4. favicon has to put in the root directory of the website.
5. Code for ASP.NET C#:
    <LINK runat="server" REL="SHORTCUT ICON" HRef="favicon.ico"/>