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Fast Formula Error: No data returned for ANC_ABS_TYP_ABSENCE_TYPE_ID

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We have a validation fast formula for a leave type for which we are trying to fetch the data for ANC_ABS_TYP_ABSENCE_TYPE_ID. The formula is working for some employees but not working for few.

The error while applying for the leave is as follows:

An error has occurred. (ANC-3405194)

Contact your absence administrator with the following details: Module ProcessesCommon, Method executeAbsenceFastFormula and Error Exception during fast formula execution. ORA-20001: Formula <formula_name>, line <line_nmber>, no data returned. Details: Item ANC_ABS_TYP_ABSENCE_TYPE_ID returned no data. This error most commonly occurs when a database item query returns no data, but the database item is configured not to allow no return data. It can also occur within a formula function call. ORA-06512: at "FUSION.FF_EXEC", line 3796 ORA-06512: at "FUSION.FF_EXEC", line 397 ORA-06512: at "FUSION.FF_EXEC", line 3710 ORA-06512: at "FUSION.FF_EXEC", line 3806 ORA-06512: at "FUSION.FF_EXEC_WRAPPER_PKG", line 141 ORA-06512: at line 

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