Can excess of expenditure over income for current year be set off against income u/s 11(3)?

(The case is for AY 2016-17)

The Public Charitable Trust has earned Income of Rs. 17.28 lacs from Property held under the Trust. After setting apart 15% of the Income of Rs. 2.59 lacs, Balance Rs. 14.68 lacs is required to be applied for Charitable Purposes u/s 11(1). The Trust has applied Rs. 11.05 lacs for the object of the Trust & has set apart Rs. 8.50 lacs for specified purposes u/s 11(2).  The Trust has therefore resulted in a loss of Rs. 4.86 lacs. The Income accumulated or set apart of Rs. 7.00 lacs for AY 2011-12 remained unutilized and therefore is liable to be added as income u/s 11(3) of the Act.

Now the question is Whether the loss of Rs. 4.86 lacs can be set off against Income of Rs. 7.00 lacs u/s 11(3)?