[abdulbasitsaeed]

This is what I was using before 4.0.4:

<vb:if condition="$vboptions['selectednavtab'] == 'vbcms'">
<li class="selected">
    <a class="navtab" href="{vb:raw vboptions.site_tab_url}{vb:raw session.sessionurl_q}"><img  src="http://forums.pakfellows.com/images/icons/Homepage/home.png" border="0" align="top" /> {vb:rawphrase site}</a>
    <ul class="floatcontainer">
        {vb:raw template_hook.vbcms_navbar_start}
        <vb:if condition="$links">
            <vb:each from="links" value="link">
                <li><a href="{vb:raw link.url}">{vb:raw link.title}</a></li>
            </vb:each>
        <vb:else />
            <li class="hidden">&nbsp;</li>
        </vb:if>
        {vb:raw template_hook.vbcms_navbar_end}
    </ul>
</li>
<vb:else />
    <li><a class="navtab" href="{vb:raw vboptions.site_tab_url}{vb:raw session.sessionurl_q}"><img  src="http://forums.pakfellows.com/images/icons/Homepage/home.png" border="0" align="top" /> {vb:rawphrase site}</a></li>
</vb:if>

I think the 3rd line in your code is redundant (it is not part of the code I suggested), the one in red given below:

<vb:if condition="$vboptions['selectednavtab'] == 'vbcms'">
<li class="selected">
 	<vb:if condition="$vboptions['vbcms_url']">
		<a class="navtab" href="{vb:raw vboptions.site_tab_url}{vb:raw  session.sessionurl_q}"><img src="/images/navbar/Home.png"  Height="24" Width="24" border="0" align="top" title="Home" alt="Home"  /> {vb:rawphrase site}</a>
	<vb:else />
		<li><a class="navtab" href="{vb:raw  vboptions.site_tab_url}{vb:raw session.sessionurl_q}"><img  src="/images/navbar/Home.png" Height="24" Width="24" border="0"  align="top" title="Home" alt="Home" /> {vb:rawphrase  site}</a></li>
	</vb:if>