I think it needs to be handled carefully. Poorly-written flashback scenes can interrupt the forward motion of the narrative. But sure - nothing wrong with it in principle. Definitely harder to write, though, than a "normal" time sequence.
And I personally dislike intensely novels written in the present tense
.
EDIT: Have you read Kurt Vonnegut's "Slaughterhouse Five"? It jumps around in time (and, it has to be said, some people dislike it for that reason). Might be worth taking a look at for inspiration as to how it can be handled.