The penalty award, for a last-minute push by Torquay centre-back Chris Robertson on Pitman, prompted Gulls manager Paul Buckle to storm onto the pitch and vent his anger at referee Jarnail Singh, who had booked 12 players in a tetchy, ill-tempered game.
Seven of the yellow cards were issued to Torquay players, costing the club a £1,000 fine.
Torquay appeared on course for a fourth successive league win when Scott Rendell fired them into a 63rd-minute lead from Lee Mansell's pass.
But with only two minutes of normal time remaining, Liam Feeney equalised for Bournemouth with a drilled shot into the top corner from 12 yards to set up a thrilling finale to a game that burst into life in the last 15 minutes.
Rendell wasted a great chance to win it for Torquay four minutes into stoppage-time - and paid the penalty, literally. With only seconds remaining referee Singh spotted a push by Robertson on Pitman, who got up to slam home Bournemouth's winner from the penalty spot.