Windows 7 Professional 64-bit - Service Pack 1
NVidia GeForce GTX 760
Blender 2.76 RC - 2015-09-17 - Hash: c586e30
3D windows set to material display. The second mesh plane (behind the first) is selected.
During animation playback mesh plane with animated transparency causes second mesh plane behind it to display with a hole at alpha values between 0 and 1
If the mesh plane at the front (with animated transparency) is selected during playback then the display problem does not occur.