@nitin-cfg Welcome!

Yes, Canvas does retain the SIS ID after deleting records, so that you are able to restore the record by SIS ID if needed.

Just FYI, to run a report for Terms that come from a SIS import or integration, you'll want to go to your root account, then go to Settings -> Reports tab and run the SIS Export report, making sure that you check the box for "Include Deleted Objects" if you want to see any deleted terms. 

To re-create the term again with the same SIS ID you'll need to run a  Change SIS ID CSV file to change the term's SIS ID (we recommend using the current SIS ID and append "_delete" as your new SIS ID) to change the SIS ID then make the term again with the right SIS ID.

Hope this helps!