Overview
How Teams meeting owners can disable transcription of their meeting.
Issue
What is meeting transcription?
Microsoft Teams offers transcription and live captions to enhance accessibility and engagement during meetings and events. Transcription creates a real-time written record of what was said during a meeting or event. Participants can view the transcript after the meeting along with timestamps and speaker attribution.
However, in many cases, transcription should not occur due to privacy concerns or a meeting owner may not want a transcription to take place at all.
Steps on Disabling Transcription and Recording in a Team Meeting
From Microsoft Teams or Outlook, go to the calendar and open the meeting by double clicking the calendar event.

From the meeting window, click Meeting options,

From the meeting options menu, choose Recording & transcription in the sidebar. Make sure the "Record and transcribe automatically" togged is turned off and click Save.

The transcription should now be turned off when that meeting begins.
Note: If an attendee of your meeting has a third-party transcription tool that auto-starts, make sure they disable it before continuing.