If you use HD textures of 128X or above (I took screenshot with LB Photo Realism, if you want to test the bug, go to http://resourcepack.net/lb-photo-realism-resource-pack/ ) and 3D textures (I took other screenshot with Default 3D©, if you want to test the bug, go to http://www.planetminecraft.com/texture_pack/default-3d-2985741/ ), the item you are holding will become transparent (full sword for 3D and sides for HD Textures).
Broken resource packs, see MC-70336