Prabhjot: the tyre sidewall is the thinnest part of the tyre envelope, and that allows the bead of the tyre to align with the rim properly and also allows the tread to be straight, even when the rim is a wee bit thinner than required. I don't think pressures involved are so high as to BEND the rim and damage it.
However, exceed the allowable 20 mm upgrade width, and you will end up with a worse-than-desired setup, with tyre tread bulging and rims eating into the sidewall when tyre is fully inflated etc. Avoid that. Otherwise you should be ok.
And please avoid going lower on aspect ratio, to avoid the problems stated above. Low aspect ratio reduces the sidewall height for a given tyre tread width. This request is a bit in conflict with the rule to keep the total tyre dia as near to stock as possible (to keep handling / pickup and odo/speedo calibration to near stock condition.). Choose your own compromise! 
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