Hi rohitshakti,
I am kind of newbie in this field, but what I have understood based on my re-searching on the net (over the last few weeks) is the fact, this a comparison - totally based on individual needs/requirement. What I mean is, we need to define on what benchmarks we want to compare these two i.e. LCD & Plasma (e.g. to some requirement, Plasma is a better option, whereas to some other need, LCD is best).
In simple words:
(1) Plasma produces better home-theater picture experience
(2) It has deeper black levels and more saturated color
(3) Plasma offers much wider viewing angle
(4) These (plasmas) are generally less expensive compared to a smilar screen size LCD
and also
(5) Plasma consumes relatively more power compared to an LCD of similar size
(6) If you are planning for some sort of PC connectivity/gaming, LCD stands out as a better choice.
(7) Plasma's probably start from 40'' size. So, if you wish to have a smaller screen, you have LCDs only.
I am sure the experts around will provide further insights, but that was my 2 cents.
Hope it helps.