Hello,
While studying asa packet flow, its mentioned first it checks existing connection, if no then it check acl. But when i telnet from R3 to 12.1.1.254 (natted ip of R1 loopback 192.168.1.1) so on asa i issued packet tracer command to see the steps of asa packet verification. So there the flow was different, 1st it does UN-NAT then acl and then NAT again and i did not understand this part.
Could someone please help me clear this.

topology
packet-tracer2

Thanks