I recently installed slackware64-current may 18 build , after two three restarts it shows kernel panic init not found pass INIT= option . It happened to me on previous builds of slackware64 also once or twice.. normally I do a full installation as when I googled there so many results which doesn't fit right for me..

What did you do before you ran into the kernel panic? Did you update the kernel? What kernel do you use (generic, huge)? Are you using a initrd?

nothing I just installed the new iso and worked on it last two days and shut it down normally... and today it showed this... it happened to me on the slackwate64 14.2 beta 1 17 jan iso also after working on it for more than 4 months... that's y I installed may 18 build instead of upgrading it

How old is the hard disks in usage?

Have you checked your harddrive for corruption? If this has happened before without anything triggering it (like a kernel update that you forgot to run lilo with), then it could mean that hardware issues are your problem, not Slackware.

yes I checked for corruption ... but no its not bcoz of that

If you didn't do anything in Slackware to break the boot process (ie, upgrading the kernel or changing conf files), then it has to be hardware. A known working installation doesn't just suddenly break without reason.

What changes did you make prior to the last reboot? Upgrades with slackpkg (there was a kernel upgrade on the 20 MAY updates, and if you didn't rerun lilo and, if you use it, regenerate your initrd, your system will break)? Adjustment of /etc/lilo.conf? /etc/inittab? /etc/fstab?

Also, what is your partition layout? Do you have everything in one partition, or are there multiples? If there are multiples, please post your /etc/fstab.