I have a scenario where JQuery \'on\' & \'live\' do not perform the same. Perhaps someone can point out why. I am using JQuery 1.7.2 with my project and in this build,
That's the whole point of live(). It rebinds new DOM elements when they are created. There are a lot of similar questions on jQuery's site, like this one, because it can be a bit confusing.
According to the jQuery docs, you use live() to:
Attach an event handler for all elements which match the current selector, now and in the future.
The "...in the future" part is key, because on() does not have that.