Hi Jeff,
Thanks for your reply.
The Customize thingy can just hide or show the Action Center notifications. If you click "Hide Icon and Notifications" all the notifications from the Action Center wont be visible in future. "Show only Notifications" will just move the Icon from the main system tray to the up arrow window.
What I m looking for is another solution. The Action Center icon should be visible(in system tray and/or in the up button) only if there are any alerts, else the icon shouldnt show anywhere.