Soak the almonds and remove the skin.
Heat oil in a pan (low heat) and add the whole spices (fennel, cumin, cloves and cardamom).
Allow the spices to infuse the oil, about 30 seconds and then add the garlic, ginger and onions.
Sauté till the onions are softened and just beginning to turn golden; then add the tomatoes along with a pinch of sugar and sauté for another 2-3 minutes till softened.
Remove from heat and cool. Then add this onion-tomato mixture along with the almonds into a blender and grind to a coarse paste without adding any water.
Add the ground paste to the same pan and place on low heat. Then add the turmeric, red chilli and coriander powder. Stir through and add 1 cup water.
Season with salt and add the paneer cubes. Add more water if the gravy feels too thick. Allow to simmer on low heat for 3-4 minutes.
Garnish with fresh coriander leaves and almond slivers.