BITS Pilani is definitely the better college as compared to CBIT. I do not have much idea about CBIT. BITS has a league of its own.
Here are some key points about BITS:
You can compare other IITs like IITB, IITM, IITK for better or for the worse. But, keep in mind that this does not mean that other top governments or private colleges are not equally good or even comparable to BITS. It all boils down to the pedigree, which is the only thing that matters.
A lot of colleges across the country are making huge strides in efforts to tackle leading colleges within the next 8 to 10 years. It all depends upon how strategically the college invests and commits to doing better. From what little knowledge we have about CBIT, it really does not compare much in this aspect.