The flight instructor reported that during a simulated power off emergency landing, the student pilot flared "too abruptly" causing the airplane to balloon about 20 feet above the ground. The flight instructor reported that the student pilot applied full power, placed the carburetor heat to the closed positioned, and "pitched up". The flight instructor reported that he did not react to the control inputs of the student pilot "fast" enough. The airplane stalled, rotated left, and impacted the ground with the left wing. The student pilot reported that while landing he applied back pressure on the yoke during flare, but "must have pulled back too much", causing the airplane to balloon. He reported that he attempted to allow the airplane to settle back to the runway. The student pilot reported that the flight instructor said that "he had the controls". The student pilot removed his left hand from the yoke, his feet away from the rudder pedals, and took his right hand away from the throttle. The student pilot reported that the flight instructor added full power to attempt to go-around subsequently the airplane turned left and the left wing impacted the ground, which resulted in substantial damage to left wing and fuselage. The flight instructor reported that there were no pre-impact mechanical failures or malfunctions with the airframe or engine that would have precluded normal operation.