Hi Vidya,
I think I see the problem now... I was not aware that Premiere had more than one "Reveal in Project." I was thinking of "Reveal in Project" as a generic command which is defined by the context, but Premiere has different commands for each context.
I was also not aware you can assign multiple commands to same set of keys. I had Source Monitor "Reveal in Project" when I should have had "Reveal Sequence in Project" instead (under the Timeline commands). I must have gotten lucky before because I don't recall looking at multiple Reveal in Project choices... I just chose the first I found. Forgive me for not knowing this. There is no issue and things are working fine now unless you see an issue here.
Side note: There are two "Reveal in Project" choices under Timeline... one is Reveal Sequence, and the other seems to be for timeline items. Somehow I was under the impression the generic one would find either the sequence or an item in the sequence with precedence to item in sequence should something be selected in the sequence, else find sequence in project... but I'm guessing that's not how it works. 
Thanks for your tips,
Ashley