False belief held by academy there (4)

I believe the answer is:

myth

'false belief' is the definition.
(I've seen this before)

'held by academy there' is the wordplay.
'held by' indicates a hidden word.
'MYTH' is hidden in the letters of 'academy there'.

(Other definitions for myth that I've seen before include "(Urban?) story" , "Ancient story" , "Legend; fable" , "Fiction" , "Traditional allegory" .)

I've seen this clue in The Times.

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