Litex had already been expelled from the top flight but the BFU said they can play in the second division next term and in this season's Bulgarian Cup having reached the semi-finals.
The decision to cancel Litex's results means champions Ludogorets are now five points clear at the top.
Ludogorets, champions in the last four campaigns, have 36 points followed by Levski, who plan to appeal, on 31. The championship resumes in February following a mid-season break.
“Levski will appeal the decision in all legal ways,” the club, who were level on points with Ludogorets before Friday’s ruling, said in a statement.
Litex on Friday appointed former Bulgaria manager Luboslav Penev as their coach with the former Valencia and Atletico Medrid striker, who guided them to the title in 2011, aiming to win the Cup and secure a place in next season’s Europa League.
Litex, one of most successful clubs in the Balkan country over the last two decades with four league titles and four domestic cups since 1998, became the third club to be thrown out of the country's top division in the last seven months.
CSKA Sofia, Bulgaria's most successful club with 31 league titles, and city rivals Lokomotiv had already been denied licences to compete in the professional championship and European competitions due to their huge debts.
Trust in the BFU has been shaken in recent years following a number of controversial decisions.
The domestic ruling body has faced widespread accusations from the media, officials and fans of being too lenient in handing some clubs small fines or warnings, whilst acting uncompromisingly against others.
(Editing by Ken Ferris)
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