Like loft which fills materials across profiles in different planes, lofted cut is used to remove material across profiles.
For starters let create a cylinder of 80mm in dia and 50 mm in length. You have to use extrude to create one and use Mid-plane option while extruding so that it will be extruded evenly on both sides.
Select the front face of the cylinder and draw a circle of 10 mm in diameter and 30 mm away from the center vertically as shown.
Select the front plane and draw another circle of 10mm in diameter and 30 mm horizontally from the origin.
Now draw another circle on the other side of the cylinder, except draw it near the bottom vertically.
Now click on Loft Cut button in features panel 
and select sketch 2, sketch 3 & sketch 4 in sequence you will see figure like this…
The points highlighted in green are the control points to guide the curve. You can move them along the profile to control / change the curve. Click ok and you will see the final part as
