My H1B petition is approved for 1 year(end sept-2016) , But I got 3 years visa(end June-2018) in stamping . So I have applied for petition extension because of my petition has expired .
Can I travel to India for short trips with valid H1B visa and I-94 (my petition extension is in process) ??
Your H-1 extension consists of 2 parts - 797 extension, I-94 extension. The latter will be abandoned as soon as you leave US.
To return to US, you would need an unexpired visa (which you have) and an unexpired petition (which you don’t). In other words, if you leave US now, you cannot return until your petition has been approved.