If and or statement

I have a nested logic statement below that is frustrating me, the logic inside the OR statement should be evaluating as true however when I evaluate the formula it is showing as false even though the values met the criteria.

The second and third if statements are all functioning as expected as this if statement is in use in different part of the workbook.

I12 is a value based of an Vlookup could this be causing the issue? Googling this is makes it unclear, changing the values of I12 to text didn't have an affect.

 =IF(AND(OR(I12="In Assesment",I12="New Project"),IF(N$11>=$H12,N$11<=$I12)),"Yellow",IF((AND(N$11>=$H12,N$11<=$I12)),"Yes","No"))