अकारण ही मानित संस्था  =  institute
An established idea, institution ,etc that many people treat with more than reasonable respect by thinking that it should not be changed or cirticized

अकारण ही मानित व्यक्ति  =  personage
As the publisher's old college roommate he was a sacred cow, and his political errors were never exposed.

अकारण ही मानित प्रथा  =  practice
This pricing policy owes little to that sacred cow, the free market.