I have assigned a bounty for a question asked by another person, but would it be possible to revert back that action so that I can remove the bounty
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Once you have assigned a bounty to a question you can't remove it. Hence the confirmation popup.
Once you assign a bounty, that rep is gone forever. Actually, that's not strictly true; a diamond mod can refund the bounty if you have a valid reason (or if they feel like it). It's probably likely that you don't (and they won't), though.