Conditional formatting using indirect reference and "AND"

[kapstadt07]

When the folowing formulae are entered into a cell in excel...

This yeild the value "false":
=AND(L1>INDIRECT(ADDRESS(ROW($A4),COLUMN($AD4),
4,TRUE,"data")),L1<INDIRECT(ADDRESS(ROW($A4),COLUMN($AE4),
4,TRUE,"data")))

This yields the value "true":
=AND(M1>INDIRECT(ADDRESS(ROW($A4),COLUMN($AD4),
4,TRUE,"data")),M1<INDIRECT(ADDRESS(ROW($A4),COLUMN($AE4),
4,TRUE,"data")))

When the same are used in conditional formatting, there is no change
in appearance of one cell or the other. I am trying to format
conditionally some cells based on the values in another sheet. I can
do this with the indirect statement, but not in combination with AND.
Why is this?

For example,

=K1<INDIRECT(ADDRESS(ROW($A4),COLUMN($AD4),4,TRUE,"data"))

The formatting of the cells conditionally formatted with this
statement change with the trueness or falseness of the statement.

ANy ideas how I can make this work? Thanks,