I ran into this a while back.My inspector told me 312.5c Unless the panel was surface mounted and the conduit ran out of the top of it.Forget it can`t have it.I read the artical it clearly states surface mounted and raceway must extend from the top and does not penatrate a structual ceiling.I often used to do services this way but no more.So you cannot run conduit to a flush mounted panelas descibed in this post unless cables are fastened to it via a box under or over panel which would be to much work.
