What Am I Missing Here ???

[Nevadaref]

There used to be a case play about a player who gained control of a rebound with both feet on the floor and then jumped into the air. Since he had not yet established a pivot foot, the question was can he legally land.
The ruling was no and the explanation was that one of his feet must be considered a pivot when he becomes airborne.

The airborne ruling would apply to your situation too. Once a player becomes airborne, he must pass or shoot, unless he executes a proper jump stop.