Police Scotland have returned the Union Bears' 'rebel scum' banner to the ultras group.
The Rangers fan organisation displayed the TIFO, which pictured Graeme Souness with a shotgun, at a match versus Celtic at Ibrox in May.
The words 'Take aim at the rebel scum' were written below the image of Souness.
It was soon seized by the authorities, but has now been returned to the ultras group after no criminality was found.
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A Police Scotland spokesperson said: "Following enquiries into the banner, no criminality was established."
At the time, Rangers hit out at the banner: "We also acknowledge that the tifo displayed prior to kick-off crossed a line and was unacceptable," a club statement read.
"Our approach to supporter displays has always been built on trust, with the responsibility placed on groups to exercise good judgment.
"We will reflect on how these displays are managed and engage with supporter groups to ensure the right balance of trust, responsibility and oversight is maintained moving forward.
"Rangers is proud of its passionate fanbase, and we all share a duty to protect the standards and reputation of our club."
