Serie A said that after reviewing video evidence, it was clear there was no contact with Bologna's Daniele Portanova.
"The referee made an error because of a dive by the Juventus player," a statement said, adding Krasic must serve a two-game ban.
Vincenzo Iaquinta missed the resulting penalty after 36 minutes to partly placate furious Bologna players but Italian media has castigated Serbia's Krasic, who had made an excellent start to his Juve career.
The winger looked destined for a ban when team mate Alberto Aquilani admitted after the game that Krasic had "made a mistake" although others at the club defended the player despite the television evidence looking damning.
Blonde-haired Krasic, a transfer window signing from CSKA Moscow, had quickly gained a place in Juve fans' hearts thanks to his driving runs and resemblance to former hero Pavel Nedved.
Alessandro Del Piero, one away from breaking the club's Serie A scoring record of 178 goals at the age of 35, is likely to come into the side and lead the line with Fabio Quagliarella.
