The Police Control Room received a call around 7:20 AM about a suspected bag containing a bomb lying unattended near the wall of Bharatiya Vidya Bhavan School at K G Marg and bomb disposal squads were rushed to the spot.
Searches were conducted and the experts found that the bag contained only toys and a transistor.
Police said the call was made by a parent who came to drop a student.
"It appears that the bag was left there to play mischief," police said.