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Here's what happened. I took backup of the following:

   savings.wallet
   savings.info
   savings-data (and all its contents)

Then I connected to internet, started my MultiBit. The wallet was open by default. There was a new deposit transaction. I closed the wallet. Opened my backup wallet, to see if it can pick up the new transaction. When I opened the backup wallet, it can recognize only until when backup was created. It doesn't recognize the new transaction when synced.

When I have two copies of the same wallet file, one recognizes the new transaction while the other sees all transaction except the new one. Why would this happen?

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Try Tools -> Reset Blockchain and Transactions in the backup wallet.

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