Hi Amit Bansal,
Did the error appear when you open the Excel document in SharePoint site using command prompt? Did the error appear when you open the Excel document in SharePoint site by clicking it directly?
Could you provide more details about If once I go to Excel back stage and browse for the SharePoint location? It would be helpful to solve your issue if you provide more details.
Is there something special in the Excel document? Please create a simple Excel document in SharePoint site and open it and test whether this issue occurs.
Please have a try to open other kind documents and test whether this issue occurs.
Please make sure that the SharePoint site is added to IE Trusted Intranet Zone.
Please increase the connection time out (6 minutes is recommended) on the web site that host the SharePoint site on IIS.
How to increase the connection time out:
https://ahmedyousryblog.wordpress.com/2010/05/28/cant-open-excel-file-on-microsoft-office-sharepoint-server-2007-problem/
A similar post for your reference:
http://justgeeks.blogspot.com/2012/10/troubleshooting-microsoft-excel-cannot.html
Best Regards,
Dean Wang