As wadeski says, the fluttering noise is caused by the compressed air in the boost pipes working back out through the compressor while the compressor is still trying to pull air in.

the cause of this? well, while on boost the engine is supplying sufficient energy to the turbo to enable it to compress air at high pressures, but when you come off the throttle, that energy is greatly reduced and the turbo no longer has the drive to keep the air compressed at that pressure and therefore the pressure leaks back out.

-This causes the flutter noise.

However, as much as many people say that this is damaging to the turbo

-as it causes rapid deceleration of the shaft and elevated pressure on the fins, it has never actually been proven! And therefore is more of a myth.

Although

,Surge at high boost levels while still on boost however HAS been proven to be very damaging and that is what anti-surge housings are designed to eliminate.
