You may not expect this behavior, but the removal of the item is appropriate given the circumstances.
– Download the latest version of Outlook from the Office website or use your installation media to reinstall the software.
If you're using Outlook 2010, Outlook 2013 or Outlook 2016, uninstall and re-install iCloud to resolve this issue.
The tool Microsoft uses to correct minor PST issues in Outlook is known as ScanPST.exe.