its all about heat.
I remember 15 years ago designing a system using IR leds synced to a Sony electronic camera module.
The led was only on whilst the shutter was open.
We drove the LED at 5X the average current spec since the duty cycle was low.
no problem at all.
its probably limited by the current rating of the internal wiring from the pin to the actual semiconductor layer
so transient currents are not going to cause a problem. Voltage is irrelevant, its current=heat
I am happy to be in the company of experienced and learned people.....I genuinely appreciate help of all contributors.
I tested my circuit as per the given suggestions and till now there had been no problems.....
-techNeo