I found many references in the holy Qur'an about reading Torat\Torah and also about believing in Torah. So should Muslims read Torah or just deny it on the basis of assumed corruption?
Well There is no harm in reading but you should remember that Shaytan (Satan) is a psychological manipulator and you should keep this in mind that Bible came to correct the induced corruption in torah, and now Qur'an is the replenishment of the true message and has a privilege by Allah himself that it is being guarded from corruption by Allah Azawajjal himself as this message is intended for all the coming generations till day of judgement and is not for specific civilization of some specific time like torah and bible. And if you read you will find some statements similar to Quran as they MIGHT(stress on this) have not been corrupted to that great extent.
Be aware Satan is to you an avowed enemy, and he would go to any length to misguide you. So I would say unless it isn't damn necessary for you to read the torah or are in such a situation then seek refuge with Allah first by saying "A - uzu billah hi minash Shaytan ir rajeem".
I searched to some extent, but I did not find any specific related issue like what you said. But there could be a reason (if e.g. that is a right word), so logically it could be related to the risk of Satan who mislead people by paying attention to them and even changing their beliefs. So for instance if a Moslem has no strong faith in Islam, afterwards (perhaps would be trended to it (Torah) and actually leaves his righteous religion. Thus it could be counted as a reason if somebodies recommend not to recite Torah (although as I said I didn't find such a matter).
To see more related questions/answers, and likewise asking your question:
There is no prohibition of muslims to read Torah or Injeel. However, if you don't posses a solid foundation in Islamic knowledge, this is not recommended according to hadith. If you are an "aleem", then you can use the Quran as a "Furkhan" to sort the authentic from the questionable or blasphmous.
There are gems of knowledge in the Torah that are in agreement to and complement what is in the Quran. On the other hand, there is alot of slander against the prophets, and blasphemous statements about Allah that totally contradict the Quran.
Following the Torah and other parts of Old Testament can and did lead mankind astray.
Deuteronomy chapter 20 orders genocide of the worst kind; to "leave nothing left breathing" of people or animals.
Numerous verses in the Torah encourage slavery and human bondage and endorse cruel treatment of slaves. A google search on "Torah and slavery" will return numerous such verses.
These scriptures were used by Western colonialists to justify their crimes against humanity throughout history.
One of the essential tenents of Islamic faith is beleif in the Day of Resurrection, "Yawmi Deen" where all of humanity will be resurrected and judged according to their deeds. Even an atom's weight (zerre) of good deed (hayer) or bad deed (sher) will be accounted for.
The Yawmi Deen is strongly emphasized and repeated in the Quran. The message is clear and unambigous that we will be rewarded or punished accordingly for our actions in this present life.
By contrast, there is not one verse in the entire 5 books of Torah mentioning Yawmi Deen or heaven or hell. The hereafter (ahira) is not mentioned in the 5 books of Torah.
It is beyond the scope of this answer to expound on the details of how essential beleif in Ahira, Yawmideen, Jannah (heaven), and Jahanem (hell) are to Islam. The conduct of persons or organizations are greatly influenced by the accountability for their actions on yawmideen.
The fact that such an essential element of faith is not even mentioned anywhere in any of the 5 books of Torah calls to question the authenticity of the Torah as exists today.