No, that would not be acceptable as most users would be expecting to be able to display categories and tags. I believe it states as much in the theme unit tests:
<a href="http://codex.wordpress.org/Theme_Unit_Test#Many_Categories_.26_Many_Tags">http://codex.wordpress.org/Theme_Unit_Test#Many_Categories_.26_Many_Tags</a> .<div><br></div><div>James<br><br><div class="gmail_quote">On Fri, Apr 6, 2012 at 1:11 PM, Qamar Ashraf <span dir="ltr"><<a href="mailto:life.object@gmail.com">life.object@gmail.com</a>></span> wrote:<br>
<blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">Is it acceptable to not display tags or categories of a post completely. I am currently reviewing a theme where,<div><ul>
<li>There is no display of Categories in the archive pages like index, search etc.</li><li>Categories have not shown at single page as well.</li><span class="HOEnZb"><font color="#888888">
</font></span></ul><span class="HOEnZb"><font color="#888888"><div><br></div><div>-- <br><font color="#666666">Regards</font><div><font color="#666666">Qamar Ashraf</font></div><div><font color="#666666">Project Manager</font></div>
<div><font color="#666666"><a href="http://www.tutorialchip.com" target="_blank">www.tutorialchip.com</a></font></div>
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<div><font color="#666666">@lifeobject1</font></div><br>
</div></font></span></div>
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