Thank you so much Marcelo.. Amazing Formula...
U r right... I made a mistake in my table in #3..
it should have been as below and works perfectly if we had a "=" ={IFERROR(SMALL(IF($A$2:$A$8>=C2,$A$2:$A$8),1),"Not Found")}
[TABLE="width: 256"]
<colgroup><col style="width:48pt" span="4" width="64"> </colgroup><tbody>[TR]
[TD="class: xl65, width: 64"]Range[/TD]
[TD="class: xl65, width: 64"][/TD]
[TD="class: xl65, width: 64"]Lookup Value[/TD]
[TD="class: xl65, width: 64"]Result[/TD]
[/TR]
[TR]
[TD="class: xl66, width: 64"]1[/TD]
[TD="class: xl65, width: 64"][/TD]
[TD="class: xl66, width: 64"]0.3[/TD]
[TD="class: xl66, width: 64"]1[/TD]
[/TR]
[TR]
[TD="class: xl66, width: 64"]7[/TD]
[TD="class: xl65, width: 64"][/TD]
[TD="class: xl66, width: 64"]0.4[/TD]
[TD="class: xl66, width: 64"]1[/TD]
[/TR]
[TR]
[TD="class: xl66, width: 64"]6[/TD]
[TD="class: xl65, width: 64"][/TD]
[TD="class: xl66, width: 64"]0.8[/TD]
[TD="class: xl66, width: 64"]1[/TD]
[/TR]
[TR]
[TD="class: xl66, width: 64"]3[/TD]
[TD="class: xl65, width: 64"][/TD]
[TD="class: xl66, width: 64"]1[/TD]
[TD="class: xl66, width: 64"]1[/TD]
[/TR]
[TR]
[TD="class: xl66, width: 64"]2[/TD]
[TD="class: xl65, width: 64"][/TD]
[TD="class: xl66, width: 64"]1.1[/TD]
[TD="class: xl66, width: 64"]2[/TD]
[/TR]
[TR]
[TD="class: xl66, width: 64"]4[/TD]
[TD="class: xl65, width: 64"][/TD]
[TD="class: xl66, width: 64"]1.5[/TD]
[TD="class: xl66, width: 64"]2[/TD]
[/TR]
[TR]
[TD="class: xl66, width: 64"]5[/TD]
[TD="class: xl65, width: 64"][/TD]
[TD="class: xl66, width: 64"]3[/TD]
[TD="class: xl66, width: 64"]3[/TD]
[/TR]
[TR]
[TD="class: xl65, width: 64"][/TD]
[TD="class: xl65, width: 64"][/TD]
[TD="class: xl66, width: 64"]5.8[/TD]
[TD="class: xl66, width: 64"]6[/TD]
[/TR]
</tbody>[/TABLE]