AXI4 address calculation for INCR bursts
Page A3-51 section Unaligned transfers explicitly states that this is allowed. There follow several examples of unaligned transfers.

Note that it also says that the slave does not have to take special action, which I read as the slave is allowed to ignore the LS address bits. 

Thus you can do a 32-bit read from address 0x01 and you get back 32-bits. But the slave can still read the location 0 as well. This has no impact on e.g. memory, but if the location is a set of four FIFO's the reading of location 0 has an impact!