Assume that it is possible to construct an unbounded linear functional $f$ defined on entire Banach space $l^1$. Then let us consider in unit ball the standard linearly independent sequence $\{e_i\}_{i=1}^\infty$, $e_i=(\underbrace{0,0,\ldots,0}_{n-1},1,0,\ldots)$. We choose $k$ such that for subsequence $\{e_{i_k}\}$, $f(e_{i_k})\geq k^2$.
Partial sums of the series $\sum_{k=1}^\infty {k^{-2}}e_{i_k}$ form a Cauchy sequence in $l^1$, converging to $x_0\in l^1$ with coordinates $\frac1{k^2}$ in the $i_k$ places and zeros otherwise. Then $\forall\ n,\ f(x_0)\geq \sum_{k=1}^n k^{-2} f(e_{i_k})\geq \sum_{k=1}^n
1=n$. Thus, functional $f$ is undefined on $x_0\in l^1$. Contradiction.
However, I found the claims that the axiom of choice allows to prove existence of unbounded functional defined on some Banach spaces.
Can I use this counterexample to conclude that space $l^1$ does not satisfy this property and there is no unbounded functionals defined on entire $l^1$?
Of course it's well known and not hard to show that the conclusion is false. Raising the question of where the error is. The following is at least one error that seems important:
You define $x_0$ to be a certain infinite sum; say the partial sums are $s_n$. You say that $f(s_n)$ has a certain property and then deduce something about $f(x_0)$. No! No, no, no. Since we don't know that $f$ is continuous, saying something about $f(s_n)$ says nothing about $f(x_0)$.
Hmm, the post does contain a correct proof that there cannot be a continuous unbounded functional, but of course we knew that...
Edit: The OP insists that he or she is not talking about convergence of infinite sums. But there's no justification given for the key inequality $f(x_0)\geq \sum_{k=1}^n k^{-2} f(e_{i_k})$, and in fact it need not hold.
The Truth of the Matter
Oops, that word "truth" is a little tricky here. I'm going to assume the axiom of choice and then show that AC implies there exists a discontinuous linear functional $f$ on $\ell^1$, in particular one such that $f(x_0)< \sum_{k=1}^n k^{-2} f(e_{i_k})$.
Does that prove it's true? Maybe not; it's known that we can't prove AC (speaking loosely), so you're free to disbelieve in AC, hence in the validity of the argument. But NOTE it's also known that we can't disprove AC. So, while a proof that AC implies the existence of an unbounded functional may not show that an unbounded functional exists, it does show that any proof that every functional is bounded must be wrong! (Because that would prove AC was false, known to be impossible.)
So, as of now we as.assume AC.
Proof: The set $S=\{x\}\cup\{e_1,e_2,\dots\}$ is linearly independent (in the straight linear algebra finite linear combination sense), so this follows from elementary linear algebra (AC gives us a basis containing $S$, etc.)