I'm a complete scrub when it comes to this game, plus I'm horrible at that - just saying this right away.
I've seen it once or twice on supercade, turn around punch that goes through a fireball (at the begining of the move). I don't have the replay on hand, though.
I tried it a thouasnd times, and there is no point where it ever even slightly goes through them. I can't find any reference to such a thing on the wiki or anywhere else (except about SSF4).
Did I dream this?