Hi Ashok
Good question. First review the Simplification List for SAP S/4HANA, on-premise edition document which I found very useful. You can find the link to that document in the following link:
SAP S/4HANA, on-premise edition – SAP Help Portal Page
As you will find out, in several parts of the document, you can find similar comments on LIS:
"Functionality available in SAP S/4HANA on-premise edition 1511 delivery but not considered as future
technology. Functional equivalent is available."
LIS is an old technology and with S/4 HANA, the new reporting capabilities like HANA LIVe etc. will be recommended. But the functionality will remain as it is.
I hope this helps.
Regards
Savas