Perhaps you may already know that the Bandhgala suit is a traditional Indian formal attire which is also globally accepted (a black/midnight blue Bandhagala suit) to wear for black-tie occasions as well, click here if you want to read more about it.
However, later on, the jacket evolved to wear as a casual jacket according to the particular design aspects which are the three patch pockets and epaulettes on the shoulders (as an option) also with horn or metal buttons.
Therefore, it could be an alternative to our sport coat or even a blazer; but I perceive the issue with this type of jacket is we couldn't wear it with a collared shirt or anything similar; rather we could only wear it with a band collar shirt,
hence I would suggest wearing it in the autumn and winter season because relatively the design of the jacket is fully covered the torso, therefore, it makes you feel warm, and wearing a scarf could be a nice complement, whether it might be silk or wool, etc, which is supposed to be cohesive to the jacket and also unbutton the top button of the jacket to adds more flair to your look.
On the other hand, if you intended to wear it in the spring and summer then I would say you better choose a quite lighter fabric such as cotton, linen, seersucker, hopsack, and also soft construction as well, which gives you more breathable and comfortable.
Although you could wear it with denim jeans, chinos and odd trousers as well, interms of shoes I would always prefer to go with a nice pair of loafers whether it could be suede or full grain leather rather than lace-up shoes like sneakers or derbys, etc, however, for winter I should say Chelsea, Jodhpur boots are the best options.
I perceive It's because of the overall look and the essence of the jacket it is between semi-formal and business casual.
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