Will the Historical Jesus Return in his Physical Body?
Ismailis believe Jesus died on the cross. He is not coming back physically.
The Quran nowhere says that God took up Jesus in his body to heaven. When the Quranic verses about Jesus are read within the Quranic and Late Antique context, all the Quran says is that it denies the claim by Jesus enemies among the Jews that THEY killed and crucified him:
And because of their saying: We slew the Messiah, Jesus son of Mary, Allah's messenger - they slew him not nor crucified him, but it appeared so unto them; and lo! those who disagree concerning it are in doubt thereof; they have no knowledge thereof save pursuit of a conjecture; they slew him not for certain (4:157).
The Quran here is responding to the Talmud (a commentary on Jewish laws composed between 500-600AD) where some Rabbis claim that the Jewish authorities, not the Romans, tried Jesus and executed him:
"Jesus was hanged on Passover Eve. Forty days previously the herald had cried, “He is being led out for stoning, because he has practiced sorcery and led Israel astray and enticed them into apostasy. Whosoever has anything to say in his defense, let him come and declare it.” As nothing was brought forward in his defense, he was hanged on Passover Eve." - Sanhedrin(43a)
Otherwise, the Quran in two verses says that God caused Jesus to die and took him to Himself (different from raising Jesus body to heaven):
O Jesus, I will cause you to die, and exalt you to My presence, and clear you of those who disbelieve and make those who follow you above those who disbelieve till the day of Judgment. (3:54)
And when God will say: ‘O Jesus, did you say to men, Take me and my mother for two gods besides God?’ He will reply: ‘Glory be to Thee! it was not for me to say what I had no right to say. If I had said it, Thou wouldst indeed have known it. Thou knowest what is in my mind, and I know not what is in Thy mind. Surely Thou art the great Knower of the unseen. I said to them naught save as Thou didst command me: Serve God, my Lord and your Lord; and I was a witness of them so long as I was among them, but when Thou didst cause me to die Thou wast the Watcher over them. And Thou art Witness of all things’. (5:116, 117)
Based on this, the Ismaili Hujjats & Dais unanimously agree that Jesus body died on the Cross and Jesus soul ascended to God. So Ismailis always accepted the historical bodily death of Jesus.
For a more detailed explanation and analysis of the historical Ismaili position on Jesus, see the following resources:
Lecture to the Society of Comparative Theology at Harvard Divinity School titled "Jesus in Esoteric Islam: Ismaili Muslim Christology" - https://www.youtube.com/watch?v=Kf3cYHSVxUE&feature=youtu.be&fbclid=IwAR3kYSMfSze1WK6uoVTGDSGjhMo39bspWSNAUZc_hz5RaAk8X8uNWwBfH7w