It seems like it is bug in Xcode 7.2 , after trying multiple times and troubleshooting , below solution worked for me.
1) Open Xcode preference
2) Select the team
3) Click the "View Details.."
4) In section "Provisioning Profiles": Right Click on any profile and Show in Finder and Delete All Provisioning Profiles in that folder.
5) In section "Provisioning Profiles". Click on "Download All".
6) Restart the Xcode.
7) Select Team in General, and Provisioning Profiles in Build Settings and archive build again.
For more detail find Screenshots below:
1) Open Xcode preference,

2) Select the team,

3) Click the "View Details..".
4) In section "Provisioning Profiles": Right Click on any profile and Show in Finder and Delete All Provisioning Profiles in that folder.

Delete Provisioning Profiles

5) In section "Provisioning Profiles". Click on "Download All".

6) Restart the Xcode. (most of the times Restarting Xcode is only solution after downloading new provisioning profiles or after changing App identifiers)
7) Select Team in General, and Provisioning Profiles in Build Settings and archive build again.
Hope it solves your problem. :)
P.S: I've also opened a bug to Apple via Apple Bug Reporter.