Is it a good practice if we arrived to the office late and compensated for that by staying past the office working hours?

The answer to this question would largely depend on the industry as there are many multi national companies that offer their employees with Fexi-Time ie you chose your hours of work and their are plenty of instances where companies offer work from home facility. so, as long as the business allows and your work does not get affected. There should not be a problem.

But having said that this could lead to an indisciplined & a lethargic life-style. And also if done in a non-flexible work environment could lead to a negative impression among your peers.

No, because the large number of delays affecting the employee's career and reputation show indifference and lack of concern for the working and prohibitions in time, and possible delays and compensation in the days of necessity and not in all cases

No, if it is already habitual, on the other hand it is ok, if you informed your boss beforehand that you will be late and you will just compensate it by staying late and that your reason is valid to be late at work, then it's ok, sometimes there are certain situations that we cannot avoid so we come late in the office. 

It is not a good practice to arrive office late and compensating it by working after office hours.  You as an individual represent you company and your team, your actions will be noticed by everyone and will give a negative impact to others about the organization and team, as majority of meeting, team briefings, customer and business  calls, work allocation is done in beginning of the day and you would miss it and have to waste others time in getting it and also it will impact team in achieving their targets and which can bring loss to the company directly or indirectly (Financial or Reputation).  You might be a hard worked and give more than% and complete all your targets by staying late but it would go unnoticed.

Sometimes we have some unavoidable situations and cant reach the office on time you should inform your manager about the situation.

Arriving late and compensating it by staying late in the office is not a good practice; Coming late is a tardiness and laziness.  It should be avoided even though you are compensating it.  Think about that in the morning hours our peers/colleague/internal and external customers need our support/work/advice and that time if we are absent ultimately they think that employee is careless, lethargic, lazy etc. vice versa if he/she sits late office hours (to compensate) at that time no one is available to support specially if the job is depends on the other colleague input.  Apart from this, it negatively influence the Company culture and discouraging everyone.   REMEMBER this type of practices delaying your job and others job as well which results DELAYS, GENERATING EXTRA COST, CUSTOMERS PENALTIES, Warnings, & Lowering the company's PROFIT LEVEL.

But if someone has an emergency and he/she was lately arrived to the office it can be acceptable with proper justification.