Is dividend income taxable under mat?

Lets say, a pvt ltd company has revenue of 50 lakhs of which 45 lakhs is business income and 5 lakhs is dividend income from debt mutual fund. Total expenses are 45 lakhs. Since dividend income is not taxable in the hands of the investor, the company will pay no tax. However, will this situation result in tax if calculated using MAT / Book Profit?

Thanks.