You can no-call that as well. I am sure that if my player gets hit on the arm, I want a call (I am a coach!). However, reading the rules, I am not convinced that is justified. It does seem in the case that you outline that the defensive player is late and therefore responsible for the contact, but not by any rule you can cite.
In reality, if the arms are completely down, I doubt they will be raised and always remain within the vertical plane. So you may not have such a difficult moral dilemma
