Re. pcm3002 configured for 16 bit data transfers

Question

I am trying to do a loopback program (get data in, and send it out without any processing) on a 5416 DSK. I am using the on board PCM3002 codec and it is configured for 16-bit data transfer. I also have McBSP2 configured for 16-bit receive/transfer. The following are the register values for McBSP2 and PCM3002 codec,

McBSP2 registers:
SPCR1 = 0x2020 (also tried SPCR1 = 0x2000)
SPCR2 = 0x0000
RCR1 = 0x0040
RCR2 = 0x0041
XCR1 = 0x0040
XCR2 = 0x0040 (also tried XCR2 = 0x0041, and 0x0042)
PCR = 0x000C

PCM3002 registers:
Register0 = 0x01FF
Register1 = 0x03FF
Register2 = 0x0482
Register3 = 0x0600

The CPLD codec clock register is configured for a 24 KHz sampling rate. I don't need to configure SRGR because the CPLD on board provides the frame sync signal. I am sure that rest of my configuration is correct, because I am able configure PCM3002
McBSP2 for a 20-bit transfer/receive loopback program and it works fine. Can somebody please tell me what is wrong here? Any help will be appreciated.