SQL case expression is not giving desired result

I believe that you just want the following query (without subquery)

SELECT OCTeamName,OCTeamID,OCTeamLastTime, 
    CASE WHEN OCTeamLastTime >= CURRENT_TIMESTAMP 
      THEN 'Now' 
      ELSE OCTeamLastTime 
      END AS CanDoOC 
FROM OCTable

You can use CASE expression for this:

SELECT CASE
    WHEN OCTeamLastTime < CURRENT_TIMESTAMP THEN 'Now'
    ELSE OCTeamLastTime
END AS CanDoOC
FROM ...