This bug is tagged "Resolved", but I have just test in the last Minecraft version and it doesn't work... We have to create new issue otherwise the bug will persist and I think it's a large bug.

Thanks (Sorry for my English, I'm French)

--------------------------------- MC-64222 ---------------------------------

Upon creation of a FallingSand entity, if it is a water or lava block (minecraft:water, minecraft:flowing_water, minecraft:lava, or minecraft:flowing_lava) it will not render at all. The shadow still appears, and when it touches the ground it will still place, but it is a minor visual bug regardless. It can be reproduced via the following command:
/summon FallingSand ~ ~1 ~

.
It will spawn a block, but it will not appear until it touches the ground. It helps to be in third-person view to witness this. This bug is specific to fluids only; sand, stone, etc. still appear to spawn and appear fine.
I am aware that this was reported previously as MC-1300, but it was incorrectly marked as resolved. Either the fix didn't work, or the bug resurfaced sometime between 1.4.2 and 1.8. I will continue testing in 1.7 to see if it's snapshot specific.