Combine ingredients of marinade into a medium mixing bowl. Add paneer and toss to coat with marinade. Cover with plastic wrap and let it marinate for 30 minutes to an hour.
Line a baking sheet with aluminum foil and spray with non-stick cooking spray. Spread paneer evenly on sheet and bake until light golden brown, 10 to 15 minutes.
Heat oil or butter in a wok or a frying pan until simmering. Sauté shallot, green chili, garlic, and ginger with spices until fragrant, about 3 minutes. Add tomato paste and sauté for a minute. Add pumpkin or squash puree, kasuri methi, lime or lemon juice and stir to combine everything. Season with salt and let it cook for 2 to 3 minutes.
Add the baked paneer and stir with the gravy. Adjust the seasoning and let paneer cook with gravy for 5 minutes, stirring occasionally so that gravy does not stick to bottom. Add heavy cream, stir and let the gravy and paneer cook for another 2 minutes.
Garnish with cilantro and serve warm with Nan or Paratha.
Recipe by Lovely Masala at http://www.lovelymasala.com/paneer-tikka-masala/