Mutual fund treatment

Dude..............no way !!!!

Dear Sir,

Here is case....

Our company has taken a loan from bank for developing the SEZ area amounting 10CR. But at present we require only RS1CR . So we thought of investing the remaining amount in the mutual funds. As and when the amount is required we sell the units and get the amount. Here we pay interest for the loan to bank which as per AS16 can be capitalised. My question is whether in the same way can the profit earned through sale can be reduced from the capital WIP Value?