After having searched a lot, I found a 'Temporary' solution in the same Community & also thanks for the code from 'weakwire' provided in the same post. 
Getting coordinates and width/height from a matrix
Idea is simple, all i have do is remove the background screen from the scaled image by cropping. Code is bit lengthy, but worked for me.
- First get the Original Bitmap size - float imgWidth = imgBitmap.getWidth()   
float imgHeight = imgBitmap.getHeight()
 
- Obtain the matrix ( pinch zoom feature used in my application uses matrix 'trick') values, used to scale the image  and get the scaledWidth & scaledHeight of the original image.  - float[] values = new float[9];
matrix.getValues(values);
float globalX = values[2];
float globalY = values[5];
float scaledWidth = values[0]*imgWidth;
float scaledHeight = values[4]*imgHeight;   
// If zoomed Image gets out of screen, I'm trying to crop the image available in the screen by considering image from (0,0)
if(globalX<0)
globalX = 0;
if(globalY<0)
globalY = 0;
 
- Finally capture the View and crop the background
    In my case ("finalView" is the custom View name, where pinch zooming happens)        - setDrawingCacheEnabled(false);
destroyDrawingCache();
finalView.setDrawingCacheEnabled(true);
Bitmap bm = Bitmap.createBitmap(finalView.getDrawingCache());
finalView.setDrawingCacheEnabled(false);    
//Final Image Width &  Height
int finalWidth = Math.min((int)width,(int)finalView.getWidth());
int finalHeight = Math.min((int)height,(int)finalView.getHeight());        
 - // crop to get the scaled image -  Bitmap finalBitmap = Bitmap.createBitmap(bm, (int)globalX, (int)globalY, finalWidth ,finalHeight);
 
Though this is a temporary solution, it works for me. If there is any alternate solution, please post it.