Service specific error code 1 using tomcat 8 as a windows service

I have installed Tomcat v8.5.73 as a windows service using the following command:

CATALINA_HOME/bin> tomcat8 //IS//Tomcat8 --DisplayName="MyService"

But when I try to start the service from windows services app (As administrator) it shows the following error

Windows could not start the MyService on local Computer. For more information, review the System Event Log. If this is a non-Microsoft service, contact the service vendor, and refer to service-specific error code 1

I also tried stating the service the following way:

CATALINA_HOME/bin> startup

This worked but I had to allow access to private/public networks (Don't remember which one).

Here is some additional information:

1. I have CATALINA_HOME set as an environment variable
2. I have Java_HOME set as an environment variable, I am using java v1.8.0_311
3. JVM is 64-bit HotSpot(TM)
4. I have only one version of java installed on my pc.

What could be the reason for this error?

The recommended way to install Tomcat8.5 as a service is to open a command prompt as administrator, then cd %TOMCAT_HOME%\bin, and run service.bat install. This script provides many more parameters. (In a cmd bat script, ^ before newline continues a command on the next line.)