You can if you have a special that allows you too. For example, If Scorpion confirms a jump away punch he can cancel into TP straight into a vortex setup. Kitana can probably combo off of it in open space too.
If you jump back, and hit a standing opponent with a jumping back punch, you can't combo off of it like you can with a jump in punch. I just wanted to share this despite the fact that nobody will use it anyway