Here's one, particularly for you younger officials...
In a varsity game I observed last night, A crew of 2 {still in the dark ages at some schools}...After a made basket, A1 passes the ball inbounds to A2.
A2 catches the ball and dribbles a couple of times. Before you know it, the coach of B calls vehemently for a time out. The trail immediately blows his whistle, and grants the time out. The time keeper immediately notifies this official that team B did not have the ball...The official rescinds the time out BEFORE it is reported, and gives the ball to A for a throw in.
Was this correct?????

yes it was- just because you blow a whistle doesn't mean you have to grant a time out. Take into consideration advantage/disadvantage at this point. If you go ahead and grant the time out to team b, team b has gained an advantage by not having the ball at this point.

This is why I like FIBA rules where no time outs are granted while ball is alive. If Coach wants a T/O he or his assistant coach must make a request to the scoretable. If it is after a field goal only team scored against can call and the scoretable will have stopped the clock as soon as the ball goes in. In your case it sounds like you could have been unfair to the team which may have been on a fast break or might have been.

To reply to my own question, I cannot find a rule that applies. However, the '97-'98 casebook says that "team B is entitled to use the time-out if granted. The time-out cannot be revoked if granted."(5.8.3E) Personaaly, I don't like this rule, and agree with the officials ruling in the case I saw.