Labrador's lead concealed by audacious pet (7)
I believe the answer is:
darling
'pet' is the definition.
(I know that pet can be written as darling)
'labrador's lead concealed by audacious' is the wordplay.
'lead' suggests taking the first letters.
'concealed by' indicates putting letters inside.
'audacious' becomes 'daring' (audacious means daring or adventurous).
The first letter of 'labrador' is 'l'.
'l' going into 'daring' is 'DARLING'.
(Other definitions for darling that I've seen before include "Wendy's family (Peter Pan)" , "Australian tributary of the Murray River, sweetheart" , "lover" , "Favourite" , "family in play" .)