Wont cause damage unless you do it regularly, I had a similar thing once where the wheels only broke traction a bit and there was a nasty jumping/ banging sound and feel from the front end where they would momentarily grab and then lose traction, it was pretty horrible.
Its worse with the traction control on because the car cuts and reapplies the power, with the traction control off it can just spin freely for a second and then you can moderate it with your foot.