Acosta would not relinquish the microphone and resisted as a White House intern Sanders mentioned - tried to take it and pass it to a different reporter.
An aide attempted to grab the microphone from Acosta, who nevertheless tried to shout out one last question.
"We will not tolerate the inappropriate behaviour clearly documented in this video", Sanders said, posting a video of the CNN reporter allegedly placing his hand on a young woman.
In a later tweet, Mr Acosta said Ms Sanders' assertion he placed his hands on the woman was "a lie".
Acosta was asked by an agent of the US Secret Service for his accreditation after leaving the presidential building, according to a video of the moment shared by the journalist on Twitter.
During the press conference, several other reporters were the target of Trump's hostility. As the reporter then tried to ask a question about the Russian Federation investigation, a White House aide tried to take Acosta's microphone from him, but he refused to let go.
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"As you know Mr. President, it was not an invasion", Acosta said, citing no evidence for his claim. The White House has accused him of provoking confrontations, and he, in turn, has become a favorite target of insults lobbed by Trump's supporters, particularly during the president's raucous rallies.
"I've just been denied entrance to the WH", Acosta tweeted Wednesday night. "The White House must cease its continuous assault on the First Amendment".
"It is also completely disrespectful to the reporter's colleagues not to allow them an opportunity to ask a question", she said.
In a statement issued Wednesday evening, CNN concurred, saying: "The White House announced tonight that it has revoked the press pass of CNN's Chief White House Correspondent Jim Acosta".
While Trump appeared comfortable and relaxed, he grew upset quickly after Acosta was called upon and refused to let other reporters speak after Trump answered his four questions. "I think ... we deserve that", he said.
Both CNN and Acosta have described the allegation as "a lie".
"They are not only unsafe, they are disturbingly un-American", the network said. "I never thought that in this country I wouldn't be able to cover the president of the United States just for asking a question", he said. "You shouldn´t be working for CNN", he said.
When Trump stepped up to take questions in that first press conference as president-elect, he was not happy about stories CNN had published, including one that suggested Russian Federation had compromising financial and personal information about him.
Acosta, 47, regularly grills Sanders at press conferences where she defends Trump's most controversial policies.