Inconsistency of physical / logical directory structure and tab completion

[Roman Rakus]

 $ tree -p
.
├── [-rwxrwxr-x] out_bin
├── [-rw-rw-r--] out_not_bin
├── [drwxrwxr-x] out_of_recursion
└── [drwxrwxr-x] recursion
├── [-rwxrwxr-x] bin
├── [lrwxrwxrwx] in -> ../recursion/
├── [-rw-rw-r--] not_bin
└── [drwxrwxr-x] without

4 directories, 4 files

let's go into recursion dir
$ cd recursion/
$ pwd -L && pwd -P
/home/rrakus/tmp/symlink-test/recursion
/home/rrakus/tmp/symlink-test/recursion

try to tab-complete commands - [TAB] means hitting the tab twice
$ ../[TAB]
out_bin out_of_recursion/ recursion/

$ ./
bin in/ without/

So far, everything is ok. Now go into dir in, which is symlink to 
../recursion/ - current dir
$ cd in/
$ pwd -L && pwd -P
/home/rrakus/tmp/symlink-test/recursion/in
/home/rrakus/tmp/symlink-test/recursion

And now try the tab-completion as above
$ ../[TAB] <--- bug here?
$ ./[TAB]
bin in/ without/

Is that bug? Or expected behaviour?
../out_bin will correctly run that binary
$ ../out_bin
HELLO
$ cat ../out_bin
echo HELLO

However try to complete file names
$ cat ../[TAB]
bin in/ not_bin without/


Trying glob completion works
$ ../*[TAB]
../out_bin ../out_of_recursion ../recursion

However, simple file completion uses logical dir struct, but glob 
completion physical
$ pwd -L && pwd -P
/home/rrakus/tmp/symlink-test/recursion/in
/home/rrakus/tmp/symlink-test/recursion

$ ls ../[TAB]
bin in/ not_bin without/

$ ls ../*
out_bin out_not_bin out_of_recursion recursion

set -P will turn everything to consistent state, however is the above 
considered as expected behaviour or is that a bug?

RR