Thanks for suggestions!
Quick update.
Checked for crack, resoldered AD737 and surrounding resistor and through hole. Not solved.
Checked components value inline, seems all ok.
Checked Ca and Cc AD737 caps, also I've replaced them. Not solved.
Checked all signals in and out from AD737. Given the same AC source (12V AC transformer output), the only thing changing when the conversion is not working is the Vout of the AD737.
-- What's strange --
When I resolder component all seems to works (read almost 12V AC), then it slowly (10 min or more) keep to read wrong values again (almost 3V).
What I've notice: if I heat the components in the AD737 zone, even using an air gun on the other side of the board (i mean when it's mounted in place), the AC keeps reading right values... when it cools down reading keeps going wrong. I though it was the Cc or Ca cap of AD737, replaced them but I've not solved.
I'm starting thinking it's the AD737. What do you think?