I would say yes - if the telephonic conversation is related to the crime committed then why not ? For instance I.P.C. 506 is widely used as a weapon when someone is threatened on phone - in such cases there are many complaints which are converted into court cases simply based on telephonic recording.
Below are such cases,
1]Krishnan And Anr. vs State Rep. By Inspector Of Police ... on 28 July, 2003
2]Prakash Pralhad Patil vs The State Of Maharashtra on 4 July, 2008
3]Ravinder Singh Mahindra vs Param Singh & Ors on 12 March, 2008
4]Kirit M. Bhrambhatt vs State Of Gujarat on 24 October, 2001
5]Arun Gulab Gawli vs State Of Maharashtra on 2 April, 1998
6]R.L. Jalappa vs Delhi Police Establishment on 12 May, 1988