Rupam, the vinyl vs CD vs Digital arguments can never be concluded in favour of one side or the other. The choices are, to a large extent, personal. Each side will come with 100s of pros and cons for each.
Ultimately you have to listen to each and decide.
Let me throw a few points for and against each. Some of these are extracted from
Myths (Vinyl) - Hydrogenaudio Knowledgebase that was posted by Thad in another thread.
1. CD is the original 'digital' sound. In the early stages of sound recording, most music master were stored on tapes. These were then transferred to tapes or vinyl. The issue was that the masters themselves used to loose their sign to noise ratio because of the inherent fault of the equipment - tape hiss, static noise, etc. In the late 1970s, almost all recording were done and stored in digital format on hard disks. Irrespective of how many time you made copies, nothing would be added or removed from the original sound. The easiest was to make a digital copy of the digital original. Thus was born the CD. Since the 1970s, manufacturers have fine tuned the recorders and players to maximize frequency width as well as the digital to analogue conversion. A decent CD player attached to a good DAC will give you sound that is very close to the master. People do talk to jitter, but that has been settled long time ago. Modern CD players have removed all audible jitter.
2. Digital format is simply storing what is on the CD on a hard drive. When playing there is no degradation of sound irrespective of how many times you play it. There is no noise added, unless there is a fault in the equipment. You can never lose the song, unless the HD crashes.
3. Both CD and digital are 'digital'. In other words, the original analogue sound is converted to digital data, and reconverted for playback. There are arguments that this conversion looses a lot of the original sound. Nyquist Shannon sampling theorem defines the digital singal processing needed to maximize the bridge between continuous signals (analalogue domain) and discreet signals (digital domain). Properly done, the Fourier transforms of the mathematical functions are ZERO outside of a finite reqion of frequencies. Within that region, it is well nigh impossible to make out the difference. Nyquist started with 20-20000 Hz, but modern signal processing have gone well beyond that on both sides. If you increase the sampling rate, you can club the discreet signals so close to each other that is will be impossible to differentiate from the original analogue curve. When you talk about 24 bit and all that, in essence, you are defining how close the discreet signals are to each other.
4. A vinyl gives you analogue signals. There is no conversion. And, to a lot of people, that is the beauty of vinyl. These people feel that once you convert music from one format to another, it loses it's soul, depth, essence and a lot of other factors.
The issues with vinyl are (1) You need good players; (2) Vinyl does add it's own noise as you play the same record multiple times - this is called wow and flutter that, to large extent, is audible; (3) Vinyl needs a lot of love and care in terms of storage, cleaning, and even playing. But people do love doing that in return for the music that they get from the system.
In reality, you have to listen to the same song in both digital and vinyl formats keeping everything else the same to decide which one you like. If you not heard vinyl at all, you must listen and decide for yourself.
Cheers
