I have used conditional formatting in F Col for the same but there seems to be some issue.
I need to highlight the volumes which are 40 % more then the previous once ,
I'm not sure of what you intend to show, but if (as I understood) you want to highlight the values in column F which are 40% higher than the values in column C, you need to change the corrected formula from Luke M to divide by $C2 rather than $F2 as below:
=($F2-$C2)/$C2> 0.4
This will be evident if you check the attached showing both methods.