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Default IF statement for time data not working properly

I have time data that captures start and end times. For these distinct
times, there is an if statement that evaluates whether these times occurred
in a certain time range. For example, if start time was 8:00 am and end time
10:00 am, the IF statement would evaluate whether those times occured between
7:00 am and 12:00 pm.
The formula is:
=IF(AE330,IF(AF33=0,1," ")," "), where the value in column AE is some time
greater than 0, and AF is some time equal to 0. That essentially means AF
would be blank. So if the time was indeed 8:00 am - 10:00 am, and the range
I want to capture in is 7:00 am - 12:00 pm, then this formula should be
entering a 1, but it isn't.

Therefore, what might be the cause of the formula not making the computation?

Thanks.
 
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