UPDATE: Facebook Timeline has been officially activated on all old layouts. Know why you can't undo Facebook Timeline?
How To Disable Facebook Timeline Layout?
Log in to your Facebook account
Then visit this page <a href="https://developers.facebook.com/apps">Developers</a>
Towards your left you will see apps. Choose the app you created for timeline. In my case I named it Timeline Feature.
Click the Edit Settings link,
Then on the settings page towards bottom-left you will see many options under related links, Choose Delete App. Which will delete the timeline app.
Confirm to delete the app and Bingo you have successfully shifted back to the older Profile view.
Visit your profile to see it in its exact previous look and layout. Do let me know if you needed any help pals. Hope you find this helpful. :>