Double Whistle:Time Out or Foul?

[blacktiger]

This occured in a varsity boys game over Christmas break. I was working with my regular partner with the defense trailing late in the game. I was lead on the bench side and my partner was trail with a trap in front of him. The defense was trailing and trying to foul. The team with the ball coach was on my side and calling time out in order to avoid a 5 second call. I blow my whistle to grant a time out but my parnter also blows his to call a foul on the defense. We talk things over and go with the foul on the defense. The coach of the defensive team was trailing and trying to foul so he did not complain. My question is should we have granted the time out and passed on the foul? Are there any other ways that we could have handled this situation? We did not have any problems from either coach on this situation but what if we did? Any comments or suggestions?