I want to confirm if it is allowed to access the SMS content programatically.
Are developers allowed to access the content of incoming/outgoing SMS’s in the
iPhone?
Can I access the incoming/outgoing sms messages and retrieve the information
related to them e.g sms sent by, sent to,body, time etc using my custom built
application.
No you cannot do so through public API.
You may have luck with private API and jailbreak, but I’d guess this is not what allowed means here.