Open up you PSD file in Photoshop and make sure that the color space is RGB then save it under a different name. Make sure Optimize Compatibility is on. Sometimes that will fix a problematic file.
Try importing as a comp again. If that fails, post a screenshot of the file in Photoshop showing the layers and layer groups expanded. Maybe there's a goofy smart object in the PSD that's not compatible or maybe you have a smart filter applied that won't work in AE.
You could also tell us how you're trying to import the file. Editable layer styles???
You could also try importing the file with the Caps Lock key pressed.
You need to provide a lot more info like how you create the PSD, what it contains, what system you're on etc.. Just saying that it doesn't work is no good way to elicit help...