"we talk about rotation and inherently, we talk about moment of inertia about an axis."
As DH points out, freshman courses speedily goes over to rotation about a fixed axis.
This means it is very easy to forget what was breezily derived at the very start of the course, namely that when we compute the torques about a (fixed) point, we gain the formula:
[tex]\vec{\tau}=\frac{d\vec{L}}{dt}[/tex]
where [itex]\vec{\tau}[/itex] are the externally applied torque, and [itex]\vec{L}[/itex] the quantity called "angular momentum".
THAT equation is (almost*) perfectly general for torques about a fixed point in classical mechanics, but it is a wolf in sheep's clothing.
In freshman courses, most of the wolf's teeth are pulled out to begin with (DH has given you the names of a few of those teeth), by saying we limit ourselves to cases of rotation about a fixed axis.
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*It holds perfectly for the ideal, perfectly rigid body. For other types of objects, the left hand side of the equation might get a lot nastier, not just RHS (which is, in 3-D, already exceedingly nasty for the perfectly rigid body as well).