Two panellists highlighted the “subjectivity in assessing impact” as a reason not to intervene, but the majority view was that it was a “clear and obvious error” by the VAR.
The KMI Panel unanimously voted that Timber’s challenge did not warrant a red card for denying an obvious goalscoring opportunity.
Isak stayed on his feet during the incident.
After the match, Liverpool manager Andoni Iraola told BBC Match of the Day: “There is a clear grab of the shirt.
“Alex was just in front of him. He was going to head in front of the goal, but couldn’t because he grabbed the shirt.
“If he goes to the floor, they call the penalty, 100%. It should be like this, but it is what it is.
“Next time, the managers should tell Alex to go to the floor, otherwise they won’t call it.
“The answer is you have to dive. If you don’t dive they won’t call it.”
The KMI Panel ruled that there was a second VAR error on 31 October.
It said Ipswich should have been awarded a penalty against Hull City when Nobel Mendy held back Dara O’Shea at a corner.
Referee Peter Bankes did not spot the offence and VAR Neil Davies took no action.
The game was 0-0 at the time. Ipswich took the lead shortly afterwards and it finished 2-2.