Hi Divinyl,
I'm pretty new to XML, but I have a similar XSL, set up as you have, I think you may have your double/single quotes a little messed up, you wrote:
<xsl:if test="'TM_PROJECT.TITLE'!=''"> No value </xsl:if>
Try this:
<xsl:if test="TM_PROJECT.TITLE !=''"> No value </xsl:if>
HTH...