  Two opposite parity dipole bandlike structures DB I and DB II of $^{142}$Eu
are investigated by the Indian National Gamma Array (INGA), using the fusion
evaporation reaction $^{31}$P + $^{116}$Cd @ 148 MeV. The decreasing trend as
well as magnitude of the measured $B(M1)$ and $B(E2)$ transition rates of the
band DB II has been reproduced well within the shears mechanism with the
principal axis cranking model calculations. This calculation reflects the fact
that the maximum contribution of the angular momentum of the states in DB II
has been generated from the magnetic rotation (MR) phenomenon. The enhanced
$B(E1)$ rates of the connecting $E1$ transitions from the states of DB II to DB
I are demanding the octupole correlation due to the involvement of the octupole
driving pair of orbitals $\pi{h_{11/2}}$ and $\pi{d_{5/2}}$ as evident from the
quasiparticle alignment ($i_{x}$), the experimental routhians (e$^{'}$) and the
calculated neutron and proton quasiparticle energies against the rotational
frequency ($\omega$).
