Here is the technical specification for SIP:
http://www.ietf.org/rfc/rfc3261.txt
You'll struggle to find anything that says why you can make multiple calls. You need to change your mindset and ask why not? In TDM world, the answer is restricted bandwidth: you have only a certain number of available 64kb/s PCM-encoded timeslots. (1 for traditional PSTN, 2 for ISDN BRI, 30 for ISDN PRI). In a SIP environment, your limit is equally defined by bandwidth, just that bandwidth available tends to be hundreds of Kb/s or even Mb/s, so with a single SIP/g.729 call taking 24Kb/s, your call limit is typically a lot greater than any single human can practically deal with. But try run over a dial-up link, and you'll quickly hit a 1-call limit.
What does make most SIP UA's scale quite nicely is that end-devices like phones only need to transmit voice for active calls. If they place a call on hold, the media (voice) is usually RE-INVITEd to the switchboad (which provides music-on-hold), so that if the phone has 8 calls on hold and 1 active, it's bandwidth requirement is usually only slightly greater than for just 1 call. Similarly, processing power used is not much greater than with a single call.
If they transfer a call, they do not need to remain in the path of the media as with a TDM environment. Eg. If you receive a call in Jhb and transfer it to CPT in a TDM environment, the JHB switchboard will open a second channel to CPT. With SIP, it's possible to re-direct the actual call. (Note, certain restrictions apply, particularly in setups where NAT is involved).
That being said, there are other factors that affect call limits to SIP end-points. Since many popular codecs (e.g. g.729, g.723.1) are subject to patents and royalty fees, a lot of handset manufacturers place an artificial call limit so that they only need to pay a finite amount on royalties.
So I guess it's fair to say that there are restrictions with any technology, but in the case of VoIP, the SIP signalling protocol is so lightweight (hence 'S' for "Simple") that it doesn't take much bandwidth or processing power to deal with hundreds of calls.