Set off and Carry forward of Losses in case of Closely held Company

This query is : Resolved

nitin (Querist)
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30 December 2023 Sec 78 and Sec 79 speaks about Set off and Carry forward of Loss in case of
i) change in constitution (Retirement/Death of Partner) and
ii) Closely Held company
The above sections talks about Business Loss ( I checked in bare act too)
My query :- Does speculative loss also included in above Business loss meaning? Do we need to calculate share of retired partner in speculative loss and carry forward remaining partners share in loss.
Or Do we need to ignore speculative loss in total and Firm cannot carry forward as Business loss in bare act means only normal business loss.