This is supported from 10.1 onwards. 
The image service's Add operation and Update operation support a geodataTransforms parameter. 
This parameter is an array of geodataTransform objects. A geodataTransform object has the following JSON syntax:
{
  "geodataTransform" : "<geodataTransformName>",
  "geodataTransformArguments" : {<geodataTransformArguments>}  
}
There are three types of geodataTransform objects. The structure of the geodataTransformArguments object varies based on the geodataTransform name. 
The arguments for the Polynomial transformation are as shown below:
{
  "geodataTransform" : "Polynomial",
  "geodataTransformArguments" : {  
  "sourcePoints" : [<sourcePoint1>, <sourcePoint2>, <sourcePoint3> ...], //array of points
  "targetPoints" : [<targetPoint1>, <targetPoint2>, <targetPoint3> ...], //array of points
  "coeffx" : [<coeffx11>, <coeffx12>], //array of doubles
  "coeffy" : [<coeffy11>, <coeffy12>], //array of doubles
  "inverseCoeffx" : [<inverseCoeffx11>, <inverseCoeffx12>], //array of doubles
  "inverseCoeffy" : [<inverseCoeffy11>, <inverseCoeffy12>], //array of doubles
  "spatialReference": {<spatialReference1>},
  "polynomialOrder": <polynomialOrder1> //integer: 1, 2, or 3. Frist order requires at least 3 pairs of control points; second order requires at least 6 pairs of control points; third order requires at least 10 pairs of control points; use more control points to get better fit (smaller RMS)
  }
}
Example:
{
  "geodataTransform" : "Polynomial",
  "geodataTransformArguments" : {
  "sourcePoints" : [ {"x":0.0, "y":0.0}, {"x":0.0, "y":200.0}, {"x":200.0, "y":0} ],
  "targetPoints" : [ {"x":100.0, "y":100.0}, {"x":100.0, "y":300.0}, {"x":300.0, "y":100.0} ],
  "polynomialOrder" : 1,
  "spatialReference": {"wkid" : 54004}
  }
}
The arguments for the Projective transformation are as shown below:
{
  "geodataTransform" : "Projective",
  "geodataTransformArguments" : {
    "sourcePoints" : [<sourcePoint1>, <sourcePoint2>, <sourcePoint3> ...], //array of points
    "targetPoints" : [<targetPoint1>, <targetPoint2>, <targetPoint3> ...], //array of points
    "coeffx" : [<coeffx11>, <coeffx12>...], //array of doubles
    "coeffy" : [<coeffy11>, <coeffy12>...], //array of doubles
    "inverseCoeffx" : [<inverseCoeffx11>, <inverseCoeffx12>], //array of doubles
    "inverseCoeffy" : [<inverseCoeffy11>, <inverseCoeffy12>], //array of doubles
    "spatialReference": {<spatialReference1>}
  }
}
Example:
{
  "geodataTransform" : "Projective",
  "geodataTransformArguments" : {
  "sourcePoints" : [ {"x":551.18, "y":817.09}, {"x":653.84, "y":714.43}, {"x":819.49, "y":712.10}, {"x":895.71, "y":789.87} ],
  "targetPoints" : [ {"x":596.29, "y":878.53}, {"x":655.39, "y":815.54}, {"x":733.94, "y":806.21}, {"x":765.05, "y":850.54} ],
  "spatialReference": {"wkid" : 54004}
  }
}
The arguments for the Identity transformation are as shown below:
{
  "geodataTransform" : "Identity",
  "geodataTransformArguments" : {
    "spatialReference": {<spatialReference1>}
  }
}
Example:
{
  "geodataTransform" : "Identity",
  "geodataTransformArguments" : {
  "spatialReference": {"wkid" : 54004}
  }
}