Travel when H4 extension is pending

My spouse H1B (I-797) is expiring on Mar 2018, however our (both H1B and H4) I94 and visa stamping is valid until Mar 2019. As the I797 is expiring we have filed for both H1B and H4 extension through the company and is pending.

I would like to travel to India during Feb 2018 and return before Feb end 2018 (4 weeks before the I797 expiry) and a year before visa stamping expiry).

Is it possible to travel under these circumstances? and What can happen if I decide to travel?

Hoping I would get a response soon.

THANK YOU…

It may involve some complications, as to what I-94 would get extended. If you travel, you will be given a new I-94 upon re-entry with date upto Mar 2018, which will be completely different i-94 from what was submitted while filing extension. I dont know which I-94 the USCIS will extend, the new or the old. Please check with the company immigration lawyer, the complications of I-94, because of the travel.