Is it possible to burn high quality audio cd from itunes?

So after converting all my audio cd to lossless, i was wondering if all albums i donloaded from itunes can be burned on a disk in high quality ; lossless. I know apple offers lossy audio formats but is it possible to burn an audio cd having quality of audio found in original audio cds. I want to do this as some of my old cds have been damaged over the years and it was impossible to find them in any store. I found them on itunes and i bought them but the quality is very different is clearly audible on my music system. Also why doesn't apple offer lossless audio as i have alot of space on my ipad 4 and iphone 5. Macbook pro that i have also has huge amount of unused space as most of my data, software and games are on my pc or laptop.

To start with the question as to why Apple doesn't sell lossless music files - 256kbit HE-AAC is "good enough" for most consumers and the difference in quality is undetectable on most audio systems.

As far as burning goes, the audio quality is dependent on both the audio source itself and the D/A converter your equipment is using. All of Apple's iOS devices (iPad, iPhone, iPod Touch, AppleTV) use mid-grade quality D/A converters at best, and generally cheap HDA audio chips instead. If you really want to know what the audio is going to sound like, burn a CD of random tracks in all dynamic ranges and then listen to it on your audio system; it'll give you an idea of what everything is going to sound like.

Also, you may want to consider looking on ebay or at used record shops, pawn shops, and even some video game stores to find the rare or out-of-print gems that are in your collection that you want new copies of. Some record and game shops also offer disc resurfacing services.