01-01-30 was not considered because on the page where the rule was running, Pega not able to evaluate the value of property .Dept=Accounting. So it ignored it and selected the next available version 01-01-25, which is the base version so no need to evaluate anything here.
Ok I think I got a better clarity of the example now.
Whenever a rule has been circumstanced, Pega’s rule resolution will check the circumstance condition first in the versions. If its able to find it then it’ll consider that version even if the version might not be the highest in the stack. In your case 01-01-35 was the highest available base version, but the page on which the rule was running had the condition .Dept=Accounting present, so it ignored 01-01-35 and chose 01-01-30, which is the highest available circumstanced version.