Google’s John Mueller said on Twitter that when a Google manual action is revoked via Google Search Console, that there is no leftover effect. Your penalty should be fully removed and you should be on your way.

Here is the tweet:

Of course, he added that the algorithm can still be in play and that your site may be penalty free of manual actions but the algorithms may not like what they see:

So as soon as your manual action is lifted, if you don’t bounce back, you probably have some algorithms that are against you.

Forum discussion at Twitter.