"Incorrect formula or data" error may appear in case if "R1C1 reference style" is enabled.

To disable "R1C1 reference style", follow these steps  :

  1. Open your Excel sheet 
  2. Click the Microsoft Office button and select "Excel options" 
  3. Click "Formulas" 
  4. Untick (uncheck) the option "R1C1 reference style" 

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  5. Save the Excel sheet.


Next, try importing your Excel sheet.