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?