Having MIPMAP setting at 4 (default setting) and taking items like torch or a sapling causes problems with textures - I've read few topics at forums (transparent blocks / glitchy colors ect).

[edit]
Turning OFF mipmap settings resolves the problem.
[/edit]

Screenshots (and topics they are from):

(https://www.minecraftforum.net/topic/2066640-glitchy-graphics-in-172-solved/)

(https://www.minecraftforum.net/topic/2065344-game-breaking-issue-with-172/)

(https://www.minecraftforum.net/topic/2066445-massive-graphics-glitch-when-holding-certain-items/)