for the one which is of the nature of bliss of realisation
जीव–भावःjīva–bhāvaḥ
the notion of being a jīva
प्राप्तःprāptaḥ
has arisen
बुद्धेः भ्रान्त्याbuddheḥ bhrāntyā
because of deluded identification with the intellect
न सत्यःna satyaḥ
it is not real
मोहापायेmohāpāye
when the delusion is gone
नास्तिnāsti
does not exist
अवस्तु–स्वभावात्avastu–svabhāvāt
because it is unreal
Translation
For the Atman – which is the seer, the one without attributes, the one in which there is no action, and for the one which is of the nature of the bliss of realisation – the notion of being a jīva has arisen because of deluded identification with the intellect. It is not real and hence it disappears when the delusion disappears.
Annotation
‘pratyag–bodha’ – is the understanding of the innermost Self. Atman is of the nature of bliss due to this understanding. The deluded identification with intellect disappears after the instruction by the scripture and the teacher (Jagadguru).