Effects of resistance vs. aerobic training co... [J Am Coll Nutr. 1999] - PubMed - NCBI
The relevant bit is: Obese people who ate an 800 calorie LIQUID diet consisting of 40% protein, 49% carbohydrate, 11% fat and engaged in resistance training three times a week lost, on average 31.75 pounds in 12 weeks. Meanwhile, they only lost 1.76 pounds LBM. (For comparison, those who did cardio and consumed the same diet lost 39.9 pounds, but 9.04 pounds LBM. CRAZY!) Those who did cardio lost 12.8 pounds of fat vs 14.5 pounds of fat for those who did resistance training.
So basically, if you are obese (starting BMI's for this study were 35) you could, if you wanted to, drink nothing but 800 calorie shakes with 80 grams of protein for 12 weeks, lift weights 3x a week, and lose roughly 15 pounds of fat without losing any LBM. You have absolutely no reason to think about carbohydrate refeeds until you're lean and dieting to get leaner.