I've done it countless times myself but I'm a little gun shy and have learned not to assume anything whne it comes to electrical installations and equipment. I've made it a practice to assure that the person asking the question and I are on the same page,m that there are no gray areas that are prone to be misinterpreted.I find it very clear, I don't see how there is any confusion at all give the OPs post.
To me that says he intends the back side of the 4" square box to be screwed to the side of the panel.
If he meant mounted to the wall beside the panel I don't think he would have said mounted to the panel.
Maybe it is clear to me because I have done it many times.
The OP did not include that there was an offset being used to connect the box to the panel and that he was securing the box to the wall.
"Is it acceptable to mount a 4"square box (for a receptacle) to the side of the surface mounted Panelboard?"
It could also describe a basic nipple with the 4x4 box hanging in the air which meets the discription of the OP. The it wouldn't be acceptable.