I just found out that the Lightning Components in my projects are missing Bundle API version xml file. I saved my project code into a Github repository and I realized the lightning component folder is missing "-meta.xml" file and due to this when i deploy the code into any organization it is not recognizing the API bundle for that component, due to versioned validations applied by platform. For example, a lightning component with a <style> tag would need to have API version less than 42, if version si increased then that component cannot be saved with the attribute.

I double checked and found VS Code do download respective XML metadata api version file for each lightning component, as we do for all other components.