Hello
I hope I have understood you, but here goes:
In your first IF condition a TRUE is only returned if column E of the matching row in !2006 is equal to "Y". If this cell returns anything else (e.g. "" or "N") then the active path in the formula will skip past all the parts that it would process if TRUE was returned.
=IF(INDEX('2006'!$E:$E,MATCH($A2,'2006'!$A:$A,0))="Y",IF(INDEX('2006'!$F:$F,MATCH($A2,'2006'!$A:$A))="",INDEX('2006'!B:B,MATCH($A2,'2006'!$A:$A,0)),""),""))
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IF FALSE ABOVE, THESE EXPRESSIONS NOT PROCESSED ...==================================================================
SO WE SKIP HERE (SO NO VALUE is RETURNED) ....................................................................................................................................................................=
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