I think it'd be kind of nice that you'd be forgiven for a theft if you give back the stolen items. I've often picked up things accidently and had to reload a save because I was playing with like the Crusader and the last save was ages ago. Wouldn't it be nice if you could be forgiven for crimes by giving back something you stole to the person who owns it? Or if you steal something, get caught, and just give it back because ti's not worth the trouble of getting?
Seems to be two different points here.
To what seems to be the first - I don't walk into a store, walk up to the counter and while merely attempting to talk to the shopkeeper, inadvertently stuff a vase into my shirt. One way or another, that should be dealt with. One should not be able to accidentally steal something, or, at the very least - yes - should be forgiven because it was an accident.
However, if my character deliberately steals something, then it's too late to just say, "Oh sorry - here - you can have it back."
Balance those two things and it'd be fine.