Will upsampling of new DAC make lossy sound as good as Lossless

+1, Absolutely 100% no.   

"Good" is subjective. It might, it might not, depending on the listener.

I’ve not found upsampling to be uniformly positive; sometimes, it makes things sound worse to me. Also, I don't care for lossy audio unless I'm in a noisy location like a gym or car where I can't hear the difference. So to your question, to my ears, the answer would be

NO

The missing information cannot be restored accurately from what is left. If it could, it would not be information.

Once information is thrown out it can't be recovered, so definitely no.

No way.  Just polishing the turd. 

I agree with the answers above, but want to add a couple of points.

1) It’s my understanding that the purpose of upsampling is not to create new and/or better data, but to move the digital filtering to a much higher frequency so that the steep slope of the filter does not affect the audio band upon conversion to analog.  

2) I have directly experienced the benefit of this in my own digital front end.

3) while I don’t want to suggest that lossy and/or low bit rate streams sound as good as lossless, I am astonished at how good they can sound with a good front end.  Full disclosure - I have more invested in digital than I had originally planned, but the rewards are there. Yes, I prefer files on my NAS or streams from Qobuz, but even Spotify is now fully satisfying for listening.