Heat oil and Butter in a thick bottom pan or Tava.
Add chopped Onion, and chopped green chilli in the pan and saute on medium heat for 2-3 minutes.
Add chopped capsicum/bell pepper and suate for 2-3minutes.
Add Tomatoes and salt cook for 4-5 minutes and mash with a potato masher.
Add salt to taste, red chilli powder, pao bhaji masala and saute for few minutes. Add 2-3 tablespoon of water in between as and when required to keep the masala wet.
Now switch off the heat.
Take sliced bread and butter them from both side.
On one side of the bread slices place few tablespoon of tava masala and spread it evenly.
Top them with generous amount of mozzarella or any other melting cheese. Cheddar cheese works fine too.
If you are toasting/grilling on pan. Place these bread slices in pan and place them on low heat.
Cover the pan for few minutes to melt the cheese.
Toast till bottom becomes crispy.
If you are making tava masala grilled toast in oven, preheat the oven and put it on broil mode for 2-3 minutes. This will yield beautiful toast with perfect char grilled kind of spots. You can decide the browning as per your preference.