Checkbox ON for specific Time of Day

If I would like a checkbox to be turned on at 1:20 AM , below doesn't work 

If(ToTimeOfDay(Now())=ToTimeOfDay("1:20 am"),true,false)


Surprisingly Below works 
If(ToTimeOfDay(Now())>ToTimeOfDay("1:20 am"),true,false)

------------------------------
Prashant Maheshwari
------------------------------