For instance:
=IF((E6<>"VEH")*(E6<>"VES")*(E6<>"AIR"),"GP",E6)
Your formula:
Let's say you have VES in E6, then the first argument E6<>"VEH" evaluates to TRUE so the formula now is: =IF(TRUE,IF(E6<>"VES",IF(E6<>"AIR","GP",E6)))
Then the first argument of the second IF E6<>"VES" is evaluated to FALSE and the formula is reduced to: =IF(TRUE;FALSE) which returns FALSE.
Try to use the Evaluate Formula tool on your formula and I think it will become clear.
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