The tricarboxylic acid cycle (TCA cycle), also known as the Krebs cycle or citric acid cycle, is a series of enzyme-catalyzed chemical reactions that form a key part of aerobic respiration in cells. This cycle is primarily used to generate high-energy electron carriers and carbon dioxide. Most of the steps in the TCA cycle involve the oxidation of the substrate, where electrons are transferred to NAD+ to form NADH or to FAD to form FADH2.

Each option provided corresponds to a step in the TCA cycle:

• Option A: Malic acid $\rightarrow$ Oxaloacetic acid involves the enzyme malate dehydrogenase, where malate is oxidized to oxaloacetate. NAD+ is reduced to NADH in this process, indicating an oxidation reaction.
• Option B: Succinic acid $\rightarrow$ Malic acid is not a direct step in the TCA cycle. Instead, succinic acid is first converted to fumarate by succinate dehydrogenase, involving the reduction of FAD to FADH2, then fumarate is hydrated to malate by fumarase. Both involve transformations but particularly the conversion of succinate to fumarate involves oxidation.
• Option C: Succinyl-CoA $\rightarrow$ Succinic acid involves the conversion of Succinyl-CoA to Succinic acid catalyzed by succinyl-CoA synthetase. In this process, a high-energy thioester bond in Succinyl-CoA is broken to release a molecule of coenzyme A (CoA) and produce succinate. This step does not involve the transfer of electrons or the reduction of NAD+ or FAD; rather, it's coupled with the phosphorylation of GDP to GTP (or ADP to ATP in some organisms), which is a substrate-level phosphorylation.
• Option D: Isocitrate $\rightarrow \alpha$-ketoglutaric acid involves the enzyme isocitrate dehydrogenase that catalyzes the oxidative decarboxylation of isocitrate into alpha-ketoglutarate. NAD+ is reduced to NADH, showing that this step involves oxidation.

Therefore, the correct answer is Option C (Succinyl-CoA $\rightarrow$ Succinic acid). This is the step in the TCA cycle that does not involve the oxidation of the substrate but instead involves substrate-level phosphorylation, which is associated with the energy conversion of GTP formation rather than an electron transfer process.