I am using PuTTY to open up a SSH terminal to my Android phone which has BusyBox 1.21.1 installed. I was trying to mount an ISO image with the following command in the terminal, mind the fact that I was already in superuser mode and my phone is rooted and this similar approach works like a charm in my Ubuntu 12.04 machine:
mount -o ro,loop -t cdfs slitaz-4.0.iso temp/mntpnt