My requirement from a client is to handle incoming calls of iphone, in such a way that any unwanted calls (such as any call that is outside from the address book) should go
As far as my knowledge you don't have controls to handle the phone.
Short Answer : No you cannot control on Incoming calls
What Record Phone Calls does is not actually recording calls made through the native dialler. The app starts a conference-like call through which basically calls u and the other party and then record the conversation on their server side. Once done the app is pulls the info form the server and provides you with URLs to the recorded audio files. There is no call interception whatsoever.