Heat a pressure cooker. Add butter followed by big cardamom, green cardamoms, cloves, cinnamon, whole black pepper and sahi jeera. Saute for few seconds.
Add chopped onion, garlic, cashew nuts, almonds, chopped tomato, turmeric powder, kashmiri red chili powder and salt. Saute for two minutes just to mix up all flavors.
Add water. Cover and cook for two whistle over medium flame. Allow the cooker to release its pressure itself.
Transfer the cooked masalas to a blending jar. Blend it to a smooth paste. Make sure you cool it down completely before blending. Then strain two times with a colander to get a silky smooth paste.
Heat oil in a pan. Add star anise and bay leaf. Add the masala paste followed by kasuri methi and stir well.
Add paneer cubes. Cover and cook for 5 minutes. Check the seasoning. Add cream and turn off the flame.
Shahi paneer is ready to serve. Serve hot by garnishing with sliced almonds.