Proceeds from army college (7)
I believe the answer is:
takings
'proceeds' is the definition.
('takings' can be a synonym of 'proceeds')
'army college' is the wordplay.
'army' becomes 'ta' (abbreviation for Territorial Army).
'college' becomes 'kings'.
'ta'+'kings'='TAKINGS'
'from' is the link.
(Other definitions for takings that I've seen before include "Income from sales, etc" , "Income from transactions" , "What's in the till" , "Monetary receipts" , "gold received?" .)