World amateur bronze medallist Krishan originally won his welterweight bout against Errol Spence 13-11 but, after reviewing video footage, AIBA declared the American the winner.
The governing body said its competition jury found Spence should have been awarded four additional points for fouls committed by the Indian, handing the U.S. men a lifeline after the original result appeared to condemn them to their worst result at an Olympic Games.
"The whole country is furious about this decision. The jury are gone back home after last night so just before the session starts today we will be meeting them to make a formal appeal," chef de mission PKM Raja told Reuters in London on Saturday.
"My sports minister has contacted me, government officials, the whole country is very upset about this decision."
However AIBA said the jury's decision was final.
"Under AIBA Technical & Competition Rules, the decision of the Competition Jury in relation to a protest is final, and cannot be appealed," a spokesman for AIBA told Reuters in an emailed response to the Indian team's calls.
Raja earlier told the CNN-IBN channel that the Indian team thought Spence had also committed fouls and that he too should have been cautioned.
Asked if it was too late to appeal now, Raja said: "No boxer starts protesting after winning a bout. Now that the decision has been reversed, we'd like to bring to their notice the other fouls which have been committed by the other boxer which have not been taken into consideration.
"We also have a right to be heard. I'm sure it (an appeal) would stand."
Indian Olympic Association vice-president Tarlochan Singh said he felt the jury had been swayed by the Americans.
"(It) is visible that (the) jury has been influenced by the American lobby ... this is a wrong decision," Singh told Reuters TV.
The decision had deprived India of a certain medal and the jury could have ordered a rematch, Singh said.
The US, a once-great amateur boxing nation that has captured a record 48 Olympic golds won by the likes of Muhammad Ali, Joe Frazier and Sugar Ray Leonard, has never failed to win a medal at men's Olympic boxing.
As both losing semi-finalists get a bronze in boxing, Spence can guarantee a place on the podium by beating Andrey Zamkovoy of Russia in Tuesday's quarter-final, a result that would at least equal the solitary bronze won four years ago in Beijing.