When I evaluate the following equation using $U = ZX$ and $a = 0, b = 0$ [for Bell state], I am getting LHS not equal to RHS.
Before describing the protocol, let us first review the teleportation protocol and introduce the notation used in the paper. In general, Bell states are of the following form
$$|B_{xy}\rangle = \frac{1}{\sqrt 2}(|0,x\rangle + (-1)^y|1, x\oplus 1\rangle),\tag{1}$$
where $x, y \in \{0, 1\}$ and $\oplus$ represents addition modulo $2$. The relationship between Bell states and classical bits can be defined as
$$|B_{xy}\rangle \leftrightarrow xy, x, y \in \{0,1\} \tag{2}$$
For any qubit $|\phi\rangle$ and any single-qubit unitary operation $U$, a general teleportation equation, based on an initial Bell state $|B_{ab}\rangle$, $a, b \in \{0, 1\}$, shared between the two users, can be written as
$$\boxed{|\varphi\rangle_1 \otimes (I\otimes U)|B_{ab}\rangle_{2,3} = \frac{1}{2}\sum_{\mathrm{x\in\{0,1\}}}\sum_{\mathrm{x\in\{0,1\}}}(-1)^{b.x}|B_{x,y}\rangle_{1,2}\otimes UZ^{y\oplus b}X^{x\oplus a}|\varphi\rangle} \tag{3}$$
where $X = (|0\rangle\langle 1| + |1\rangle\langle 0|)$, $Z = (|0\rangle\langle 0| - |1\rangle\langle 1|)$ and the subscripts denote different systems.