No, there won't be any change to this functionality in Viewpoint 14.00. Viewpoint has no way to differentiate between when a data collector exception is due to a scheduled restart vs. an unexpected restart vs. some other unexpected condition.
You can select the data collectors you wish to receive alerts for in the Alert Setup, so maybe you want to exclude the Canary Query collector. You can also set a value for "Do not run twice in" so that you don't receive multiple alerts.
Abhijit,
It's hard to say without understanding the exact cause of the error. If you haven't done so already, you might want to work through Teradata support on this issue so we can get access to the log files and hopefully provide more context for this issue. A system heartbeat canary query will time out after 1 minute, so it's certainly possible this timeout is being hit and causing the error.
Steve

we have seen numorous data collector alert like below and false alarm on DB restart because of read time out on VP version 13.12. is there any relief doe the same on VP version 14 ?
Data Collector Id=17
Data Collector Name=Canary Query
Error Occurred=true
Error Message= Read timed out
Thanks
Abhijit