The 120% rule applies to busbars, rather than to feeders. Feeder interconnections have their own section in 705.12. 705.12 rules continue to upstream panelboards, all the way to the service point, so you want to anticipate the complete path to the service point when determining how to tie-in.
Ultimately, to tie-in to a feeder, you need it protected on both ends, to prevent overload on the feeder. E.g. given a meter/main and a feeder to an MLO panel, a tie-in on the feeder would create a possibility of overloading the main panelboard in the blindspot of the meter/main. Therefore, you'd want to place your feeder tap between OCPD's on both sides, in some form or another.