The Bug:

When giving an Item to an allay, the item will appear in their hands directly below the allay or even behind it if its in its "flying" pose, which looks a bit off. 

I assume this to be a bug as this was not how items appeared initially in the first allay snapshots, nor is it hot it currently is in Bedrock betas, which may even mean this is a parity issue.

How to Reproduce:

1. Summon an allay, giving it the NoAI tag may help visualize it better but normal allays work too
2. Give it an item while it is standing still; you will see the item appear directly below the allay.
3. Give it an item while it is in motion; you will see the item appear behind the allay