Yeah, as I understand it, a hit on your screen is registered as a hit, and sent to the server regardless of what appears on the enemy's screen. From what I've heard, when it happens is also irrelevant. Such as when you continue to take hits after you've been sent to the tower; you havent blown up on your opponents screen yet, so he keeps shooting. When he finally sees you die and stops shooting, you've already been dead for upto a few seconds. Add in the time it takes for the hit signals to stop reaching your computer, you've already been in tower for maybe 5-6 seconds, taking pings the whole time.
Just like warping, which also has its roots in lag and packet loss, only causes an issue with aiming, and not with doing damage, it really doesn't make sense that lag would cause issues with actually doing damage. Although I could see packet loss causing such issues, due to messages telling the server that a hit was made being lost.