On Thu, 19 Jan 2012 07:26:46 -0800 (PST), Yugi Gokavarapu wrote:

Ron,

Thank you for your swing into this!

I have changed the cell type to General, and THEN edit the cell. I
see cell value as FALSE. Whereas I see the right output of function in
the function argument box.
Also, I noticed that when the menu Formulas - Show formula option
enabled, I see the formula in the cell. When I disable to Show
Formula, I see FALSE.

Any suggestions?

I don't see any method whereby the UDF you stated you were using initially can result in an output of FALSE, unless you have some unusual formatting in the cell.