(a) In this section -
"trade", "income from the sale of goods" and "the sale of goods and merchandise" have the same meanings respectively as in section 454;
"a loss from the sale of goods" in the course of a trade in an accounting period shall be such amount as would be the amount of the income from the sale of goods in that period if, notwithstanding section 448(4), "the company's income for the relevant accounting period from the sale in the course of the trade mentioned in that subsection of goods and merchandise" for the purposes of section 448(3) were the amount of so much of the loss, computed as for the purposes of section 396(2), from the trade in the period as appears to the inspector or on appeal to the Appeal Commissioners to be referable to a loss incurred in the sale of goods and merchandise, but a loss such as is mentioned in section 407(4)(b) shall not be a loss from the sale of goods.
(b) Section 454(1)(b) shall apply for the purposes of this section as it app