I'm wondering if is there any way to recover deleted iPhone applications from Time Machine and sync them again into iPhone? I'm using iPhone 5 (iOS 6.0)
All your apps should still be available via iTunes. Plug in your phone and see what apps are checked for syncing. You may even reload an app you deleted from your iTunes account.
Yep both of those options work. I prefer using the app store on my phone. The "Purchased" list that will allow you to redownload apps is under the "Updates" tab in the app store.