I have always used Konsole, I love it.
In this new Konsole, I am unable to find any option for
setting the transparent background! Its vanished?!
It used to be there in older Konsoles

Any ideas?

If it's really not available anymore, a rigorous action like installing KDE3-Trinity would be an option. It's the old KDE3 compiled for the new distro's. (I'm also using this version of KDE cause of KMail having a few less options and the disappearing of the Kicker panel since KDE4). This KDE is available for download at the site of Pearson Computing, who took over the old KDE project. Trinity programs can be used in KDE4 and vice-versa. Only one type of program can be installed and used simultanously, e.g.: to install the trinity Konsole you need to uninstall the KDE4 version of it.

The official KDE3-Trinity homepage

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Thanks for replying, Kde people seem to have gone sick Start Panel in Kde 3.x series was
so customizable and now look at the Kde panel customization options of Kde 4.x series!

Anyway, I'll take a look at Trinity, but I strongly feel that I should downgrade to Konsole's
previous versions.