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Yes that's what I meant. If he jumps from inside and his momentum is carrying him over the boundary so he throws it back for his teammate to catch. It could be a defensive strategy. The next closest fielder can run to be his backup while the ball is in the air in case he needs to throw it back.
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If the fielder jumps from outside the boundary, throws the ball back, and it's caught. That means it's not out. If the fielder jumps from inside, throws it back mid-air, and it's caught, it's out.