Further to the suggestions, though mount command passed successfully, I found another problem.
I created ext4 as following

by excluding all features not supported by ext3)
mke2fs -t ext4 -O ^extent,^flex_bg,^huge_file,^uninit_bg,^dir_nlink,^extra_isize /dev/vg_dd1/lvol0
I checked the filesystem type getting created(blkid /dev/vg_dd1/lvol0) it was
ext3 but not ext4.
Alternately if I try excluding any of the features say,
mke2fs -t ext4 -O ^extent,^flex_bg,^huge_file,^uninit_bg,^dir_nlink /dev/vg_dd1/lvol0
Filesystem getting created is ext4 but mount as ext3 is failing with the following error:
mount -t ext3 /dev/vg_dd1/lvol0 /new_pkg
mount: wrong fs type, bad option, bad superblock on /dev/mapper/vg_dd0-lvol0,
missing codepage or helper program, or other error
In some cases useful info is found in syslog - try
dmesg | tail or so
[root@fbi7 ~]# dmesg | tail
EXT3-fs (dm-0): error: couldn't mount RDWR because of unsupported optional features (40)
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So either ways I’m not able to achieve the objective.
Let me know your inputs on this.