Yes, but.....
It's legal, in some cases, but not smart.
In my case, my company's SOP requires that we slect a proper alternate and carry fuel for this alternate for all flights.
Now, the practical side of this is....if you don't require an alternate under FAA/JAA...but your company SOPs require it...AND...you have everything going for you...you might consider reducing contingency fuel, extra fuel...things like that.
But, again, it's not a good idea be without an exit strategy...you never know what might turn up.
Fly Safe,
PantLoad