A very brief overload, such as whilst starting a motor is normally fine.
Regular overloading would normally be a violation, "use and install equipment according to manufactuerers instructions" etc. etc.
There may may however be get outs re this.
Consult the supplier, the transformer may in fact be capable of far greater output than nominal in cold conditions, or for short term use.
A 100 KVA transformer continually loaded to 120 KVA in warm conditions wont last long.
OTOH, a 100 KVA transformer listed for continual operation in hot conditions, might last for decades at below freezing temperatures, even if loaded to 120 KVA
Likewise, a transformer listed for continous operation at 100 KVA might last for decades if loaded to 120 KVA for 2 hours a day, for 200 days a year.
Remember that it is heat that kills transformers, not load as such.
POCO or utilty transformers are not covered by the NEC and tend to be sized by old "rules of thumb"
Here in the UK, many rural houses are served by 5KVA transformers, despite the service being 60 amps at 240 volts, or about 15 KVA.
The transformers last for 50 years and more, since in practice almost no consumer would use more than 20 amps long term.
Heavy loading would tend to occur in very cold weather, and 40 amps on a 20 amp transformer would be fine in sub-zero conditions.
In warmer climates peak load may occur in the very hottest weather, and larger transformers will be required for a given sized service than in cold climates.