I'm also experiencing this same issue with Core 4.7.3
tc@box:~$mount /mnt/sdc1
tc@box:~$umount /mnt/sdc1
umount: can't umount /mnt/sdc1: Operation not permitted
tc@box:~$sudo cat /etc/busybox.conf
# /etc/busybox.conf: Busybox configuration file.
#
[SUID]
# Allow command to be run by anyone.
mount = s-x root.root
umount = s-x root.root
tc@box:~$cat /etc/fstab | grep sdc1
/dev/sdc1 /mnt/sdc1 vfat noauto,users,exec,umask=000 0 0 # Added by TC
tc@box:~$ cat /etc/mtab | grep sdc1
/dev/sdc1 /mnt/sdc1 vfat rw,relatime,uid=1001,gid=50,fmask=0000,dmask=0000,allow_utime=0022,codepage=cp437,iocharset=iso8859-1,shortname=mixed,errors=remount-ro 0 0
tc@box:~$
I don't have any ext* partitions in this machine to test the umount command with. I'll post as soon as I get a chance.