Ramiah, I don't understand your comparison of india and british colonisation theory at all. You are asking what if british kept india without giving it back after colonization; Atom_ant is not suggesting that you give back palestine and israel to french who ruled this region as a colony! (I don't support all the arguments of Atom_ant; neither do I reject all your argument - just my observation).
Yet, Interestingly, By your own argument you are suggesting that native people of a land should get back their own land occupied by their own people for 1000s of years.
By that argument, europeans should leave americas to native (red) indians and go back to europe; bangladesis, pakistanis, & afghanis should leave their occupied terriroties to ethnic indians and go back to persia; and the list goes on...
As you might have figured out, It's just greed of all type/race of people in other people's land and money. One cannot expect fairness for himself if he is not fair to others.
The only way to peace is to people start using their brains and get out of the 19th century illness/madness of war, aggression and terrorism to the 21st centuries hopes of peace, love and openness.