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Can I create a new ethereum account using Infura like we do using web3.personal.newAccount();

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AFAIK Infura doesn't allow the creation of new Account (personal_newAccount api) for security reason.

However, the creation of an account has nothing to do with an Ethereum node but it results from cryptography mechanisms. You can find several JavaScript libraries online which implements the crypto to generate an Ethereum account.

One of those is keythereum

Example:

var keythereum = require("keythereum");

var params = { keyBytes: 32, ivBytes: 16 };

var dk = keythereum.create(params);
console.log(dk)

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