The NCP leader and former home minister has been in jail since November 2021 after the Enforcement Directorate arrested him in an alleged money laundering case.
Deshmukh, however, won't walk out of jail as the high court has kept the order in abeyance for ten days after the CBI sought time to challenge it in the Supreme Court.
Two components of credits in the account of a trust controlled by the Deshmukh family, flagged by the ED, were not "proceeds of crime," the court noted in the order.
The high court also dismissed the petition seeking quashing of summons issued by the CBI against ex-state chief secretary Sitaram Kunte and incumbent DGP Sanjay Pandey in connection with the case.
The suspension order also mentioned that the government has initiated disciplinary proceedings against him over certain irregularities and lapses including unauthorised absence from duty.