One takes something for it (7)

I believe the answer is:

larceny

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'it' is the definition.
The definition suggests a singular noun which matches the answer.

I don't understand the rest of the clue.

Can you help me to learn more?

(Other definitions for larceny that I've seen before include "crime" , "Stealing - theft" , "Theft of personal goods" , "Theft of personal property" , "Legal term for theft" .)

I've seen this clue in The Globe and Mail.

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