Look at it from the perspective of stereoelectronics.
Disha - you are accusing a person who is asking a question of being incorrect. That is no way to answer a question! That's the thrust of the question...he's asking if he is incorrect. But then you keep going and are actually incorrect.
You are incorrect in saying that the R- effect increases the dipole moment. The formyl group on benzene has a constant amount of R- and constant I- (it is not a dynamic process in the way undergraduates tend to like to think it). Those are terms (EDG and EWG groups) used when, as you said there are changes in the way that additional groups are added but not to the carbonyl carbon! To the ring itself, a different reaction entirely. You are using one phenomenon relevant to one reaction SeAr (electrophilic aromatic substitution) and applying it to this question about nucleophilic addition at the carbonyl.
If anything, the benzene ring distributes the constant (unchanging) amount of inductive and resonance withdrawal of oxygen. (Weakens it relative to an aliphatic aldehyde). This is true of even propenal (the α,β-unsaturated version of propanal). The positive charge on carbon is distributed to the β carbon, the larger coefficient of the LUMO is at the Michael position depending on the nature of the HOMO of the nucleophile.
The stereoelectronic effect is exactly as the question-asker stated, except that he used the wrong term (electron withdrawing group). Substitute his term "electron-withdrawing-group" with "resonance" or "extended conjugation" and he is not incorrect.
Compare the molecular orbital coefficient on the LUMO of the carbonyl carbon of benzaldehyde (bit.ly/1MfbXHR) compared to its counterpart on propanal and you will realize that 1) Risha you are mistaken about charge distribution and its relevance and 2) the reason which explains this observation is:
Benzaldehyde is less reactive because it decreases the amount of conjugation in the pi-system overall. The perturbation of molecular orbitals in the presence of the formyl group is counter to what you are saying.
But it is the point the question-asker, Nihal, it sounds to me, was making in the first place.
Nihal, you are correct to think in those terms.