@ShaikSayyad
Please check the following:
1) 'Project Objective' - you are trying to set it to a record. Is Project Objective a column that needs a record, or is it a text column?
2) Your Claims column in the person column should be:
Claims:"i:0#.f|membership|" & Lower(ProjectApproveFormManager_lbl.Selected.Email),
3) Although not technically in error - you should remove all of the SelectedText properties in your formula and change to Selected.Result. SelectedText is a deprecated property.
4) Make sure that your Gallery that you are using to reference the selected record for the Patch is actually based on your datasource.
5) As @gabibalaban, make sure you have this formula on a behavioral action.
I hope this is helpful for you.