The International Cricket Council (ICC) last week suspended Taskin, 20, and left-arm spinner Arafat Sunny after they underwent tests in India to determine if their bowling actions breached rules.
The pair were reported for throwing by the umpires to the ICC during a preliminary World T20 match against the Netherlands.
Skipper Mashrafe Mortaza described the suspensions as devastating for the team’s chances at the tournament, and Bangladesh’s cricket board lodged an appeal against Taskin’s punishment.
The ICC said in a statement that a judicial commissioner had upheld the suspension after a review hearing was conducted on Tuesday.
Taskin has nine wickets in 13 Twenty20 appearances for his country and has taken 21 in 14 one-day internationals.
A depleted and demoralised Bangladesh take on hosts India later Wednesday.
The Tigers are sitting at the bottom of Group and have almost no chance of making the semi-finals after two straight losses.
