No Bullo is a word used by people who did not mean to bully other people. Similar to No Homo.
1. Some Random Person: *Pushes Kid*
2. Kid: Why you bully me?
3. Random Person: No Bullo!
4. Kid: Alright, we're cool.
It is an expression that is not very common in Italy because it is a misrepresentation of " Criminale ma bello ", a famous quotation by Sapo, which refers to an individual who is labelled as dangerous and harassing towards people. Typical example of this typology is jvasquesgds, often accused of playing a bully role towards the weakest.
Marco: how would you define Jay in just three words?
Marnie: bello ma bullo