SB 10.63.46
sri-bhagavan uvaca
yad attha bhagavams tvam nah
karavama priyam tava
bhavato yad vyavasitam
tan me sadhv anumoditam
Translation:
The Supreme Lord said: My dear lord, for your pleasure We must certainly do what you have requested of Us. I fully agree with your conclusion.
Purport:
We should not think it strange that the Supreme Lord, Krsna, here addresses Lord Siva as bhagavan, “lord.” All living beings are part and parcel of the Lord, qualitatively one with Him, and Lord Siva is an especially powerful, pure entity who possesses many of the Supreme Lord’s qualities. Just as a father is happy to share his riches with a beloved son, so the Supreme Lord happily invests pure living beings with some of His potency and opulence. And just as a father proudly and happily observes the good qualities of his children, the Lord is most happy to glorify the pure living beings who are powerful in Krsna consciousness. Thus the Supreme Lord is pleased to glorify Lord Siva by addressing him as bhagavan.