Default phrase of Indian origin, commonly used to indicate that whatever was said previously was untrue/does not matter and person saying it wants to be in other person's good books again. Alternatively, used to distract a person during an argument/boring conversation. The "no" at the end is for emphasis, Indian-style!!
Omg Jade is the sexiest thing alive......but I love you no!!
Salesperson: blah blah blah.....
You: but I love you no!!!
Salesperson: huh? (stunned silence)
You: (makes their escape)