The T/C uses the ABS wheel sensors to detect differences in wheel speeds. When the back wheels spin faster than the fronts, you're doing a burnout and the T/C will step-in and cut power.
If the ABS system has a fault, the T/C is automatically disabled since the system can't trust the ABS system to tell it true wheel speeds. You probably have a wheel speed sensor or reluctor ring issue. Did you have gears installed recently or any work done to the rear axle that might have involved the removal of an axle?