I have seen that Rabbi Yitzchak Abadi is careful that all present at his Shul must sit during Torah reading.
Why is that?
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Because the Halacha is that you can sit (and such was the custom in the majority of synagogues in the period of the Rishonim), and everyone in a given place should follow the same custom. (Or Yitzchak 1:53)
The opinion of the Vilna Gaon (Biur HaGr"a קמו-ט) (and pre-Maharam M'rottenberg who was first to be mechadesh this idea- as I heard from Rav Herschel Shachter that even in the shul of the Maharam nobody stood for Krias Hatorah, as this was the predominent minhag) was to sit during Krias Hatorah.
Al pi Kabbala according to the Arizal one SHOULD sit for Krias HaTorah.