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I think the key word here is "simultaneously." If I hear a player yelling, "time out, time out, time out!" as he's going up to rebound the ball, and then he does, I'm not going to chop the clock, either. But if there's even the smallest doubt about possession, I am chopping it and not granting the TO until I've confirmed possession by the team requesting it.
If this was a clean rebound with simultaneous TO as described, I see no reason to deduct time from the clock. That is a well executed TO call by the calling team.
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