However, Aces High Eddie's skill Do or Die has an effect that is relatively similar to what you described. Since it's a move that will certainly remove one beneficial effect, it actually will deal damage to someone with invincibility or vanish as long as that effect is being removed.

Also, here's something I found today, for starter's, it doesn't always cause Permadeth when it should. Secondly, if it one-shots an enemy with Immortality, (perfect or otherwise) they will revive. I would imagine that the Permadeth effect should be the first thing to happen before the damage is registered.