Upgrading Itunes without removing the file
Upgrading the iTune to a latest version but not loosing the older version is not possible. But if you want to upgrade any specific part of iTune it can be done. Or if you just want to update the play list of the iTune or want to keep the play list and update it to a new version it is possible.
If you update the older version it will not change the play list now you have on your system. Or if you want to upgrade your iTunes library only, just go to the "QUICK LINKS" section and click on the following "Upgrade My Library Link" and "Buy". Then you will have the choice whether you want to keep or delete your old iTunes library.
Upgrading Itunes without removing the file
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Yes, I too agree with that. You cannot install and use the latest version of iTunes without removing or uninstalling the previous or old version. It’s because of the mere fact that when installing the latest version, the process will install the program on the same folder where the previous or older version is presently installed thus overwriting all the files it contains.
And even if you install the latest version on a different folder other than the original folder where the old version is installed, the process or the setup wizard will still detect another version installed on your computer and still might overwrite the files it contains. Even if you managed to install the two versions on your computer, the old and the latest, the older version might not work since the new installation will point all of the program’s links to the new version and making the old version seem unusable.