I doubt Itachi would get close enough for his soul to ripped out and Itachi has various jutsu to kill Madara. We have never seen Itachi's full power so we dont know the full extent of his jutsu, he is also skilled in kenjutsu, taijutsu and genjustsu which means once again it becomes a fair match unless Itachi pulls out another new jutsu once again baffaling us.
You are forgeting Madara could just absorb itachi's Ninjutsu with the preta path and his gunbai.
And if he uses Bansho tenin (Which he should have since he has rinnengan) Itachi won't be in control of his body and gets his soul removed by human path.
Read about Madara's Kenjutsu, Genjutsu and Taijutsu
Kenjutsu
Madara tearing through the Fourth Division.
Kenjutsu
Additionally, Madara is highly proficient in kenjutsu, aptly demonstrated when he effortlessly disarmed a shinobi of his sword and, after grabbing it, cut down several members of the Fourth Division, while wielding the blade in a reverse grip. He has displayed great manoeuvrability and dexterity while using kenjutsu. The speed of his attacks were so great that none of the shinobi he killed using this combat skill had any time to react.
Taijutsu
Madara is a very adept taijutsu user, possessing notable physical strength, great speed, and remarkable reflexes. With just one roundhouse kick, he was able to repel a shinobi twice his size into an oncoming group of shinobi, knocking them all off their feet. Madara was also able to easily dodge Gaara's high-speed sand attacks, Mei's close range Lava Release attack, and even guard himself against A's punch while the latter was clad in his Lightning Release Armour without being protected by Susanoo.
Dōjutsu
Sharingan
Madara's Sharingan.
Madara managed to master the Sharingan at a young age — a feat which he received significant praise for.[46] Using it, he gains access to the dōjutsu's generic abilities such as seeing chakra, predicting movements, and placing a victim under paralysing genjutsu with just a single glance, leading those who had faced him to advise others to not look directly at his eyes whilst confronting him.[57] Madara is able to use these abilities in conjunction with his primed taijutsu and kenjutsu skills in battle to deadly effects, leaving his opponents with very little time to react or means of defence. The perceptive abilities of Madara's Sharingan were also considerable as he was the only one who could discern Hashirama's use of wood clones when the Uchiha and the Senju fought against each other.[64]
With his Sharingan, Madara is able to control the Nine-Tailed Demon Fox and is also one of the two known people along with Tobi, that are capable of summoning the beast.[67][16]
Mangekyō Sharingan
Madara's Eternal Mangekyō Sharingan.
Madara and his brother Izuna were the first Uchiha to awaken the Mangekyō Sharingan. However, after his eyesight progressively worsened to blindness through its use, Madara took and implanted Izuna's eyes into his own body, which then awakened a new "Eternal" Mangekyō Sharingan — a combination of his own and Izuna's Mangekyō. With it, he never had to fear the risk of losing his eyesight again.[5]
Madara has since used his Eternal Mangekyō Sharingan to control the Nine-Tailed Demon Fox.[16] He could also put Kage, like A, into a paralysing genjutsu with just a glance with his Eternal Mangekyō Sharingan, despite A's claims that the Sharingan was useless against him.[68] Madara demonstrated the ability to use Susanoo — and is therefore also able to use Tsukuyomi and Amaterasu by extension — though they have yet to be seen. Unseen in others' variations, Madara's Susanoo demonstrates two entirely different sides that are conjoined along the spine, with each displaying a pair of arms, a face that is distinct from the other, and a complete lower half inclusive of feet.
Madara's stabilised final Susanoo destroying a mountain range with one slash.
His Susanoo's defensive capabilities are high, even in its ribcage state, having withstood Naruto Uzumaki's Ultra-Big Ball Rasengan and A's Lightning Oppression Horizontal Chop with no damage.[69][70] It wields undulating blades in the right hand of each side and it appears to be capable of contributing towards some of Madara's techniques, as it was seen forming hand seals together with him during battle. Madara is also able to use the Yasaka Magatama technique.[71]
Madara's Susanoo's final form is an enormous construct with its mouth obscured and a body similar to its full body form. The outer armour, which only remotely resembles the usual tengu with armour, and the trademark pillbox hat-like adornment on the forehead is split down the middle from the beak downwards where the normal Susanoo underneath is revealed. Along this armour, which seems much more fluid than the other known Susanoo's, are holes at the end. In its stabilised form, the Susanoo dons an outer armour and a samurai outfit. It also has four arms, two plated ones which hold a pair of katana in sheaths, the other pair of which wields them.[55] According to Madara, this Susanoo's power is comparable with that of a tailed beast[72] and he was able to repel and corner all five of the current Kage, while simultaneously demolishing a large portion of the mountain range behind them with a single sword swing.
Madara is a master of Fire Release nature transformation, displayed in his use of devastating fire techniques such as the Fire Release: Great Fire Annihilation technique which required the combination of numerous Water Release: Water Encampment Walls to extinguish,[59] and the Fire Release: Great Fire Destruction technique which he used to incinerate a large portion of the forest he had created. He can also create dragon-shaped fireballs for a wide barrage at an enemy.[60] The flames were enough to burn even Tsunade while she had the Strength of a Hundred Technique still active.[61] In the anime, Madara could also use Wind Release through his trademark gunbai to create powerful gusts of wind.[62]
After his confrontation with Hashirama Senju at the Valley of the End, Madara acquired a portion of his DNA, which after a long period of adaptation, granted him the Wood Release nature transformation. With this Madara has demonstrated the ability to instantly create numerous massive trees with which to attack his opponents directly,[63] and a dense forest of flowering trees, whose pollen can render a foe unconscious. He is able to merge with and hide within trees.[64] Madara can even create single or multiple wood clones using the pre-existing vegetation and wood in the immediate vicinity as a medium.[65]
As a Wood Release user, Madara can presumably use its component natures: earth and water.
You talk about Itachi's intelligence read this:
Intelligence
Aside from his battle skills, Madara has also displayed high-level intellect, as well as strategic and manipulative skills, shown by his ability to create elaborate plans that span across decades such as the Eye of the Moon and setting up various pawns in order to aid him through direct or indirect ways such as Obito and Nagato respectively. As a battle genius, he can identify and counter most forms of ninjutsu almost immediately and he is rarely caught off-guard, at which point he quickly adapts to the situation. Madara also appears to be an adept teacher, as he was able to pass on most of his knowledge and skills to Obito, which greatly developed the young Uchiha's abilities and allowed him to emulate Madara's mindset and combat prowess to near-perfection.
Madara possess an intricate knowledge on genetics and human anatomy as he was able to cultivate cells taken from Hashirama into a mindless clone large enough for the Demonic Statue of the Outer Path to sit upon and later create artificial body parts from it. Using the cultivated cells from Hashirama, he was able to attach tendrils to his back from the clone that allowed him absorb chakra from the Demonic Statue of the Outer Path as a makeshift life support system.
He has also demonstrated similar knowledge of surgical and medical skills, being able to remove his own eyes and transplant them to Nagato, and replace at least one of his lost eyes with a new one and use the artifical bodies created by the clone of Hashirama to replace the destroyed portions of Obito's body.
