Anil, I am not sure you understand the formatting logic in QlikView.
A proper time is represented by a decimal value, where integer is a zero. A timestamp is a decimal value, where integer is not a zero. Converting a timestamp into a time value requires using Frac() to remove the non-zero integer value.
By using Time() or Time#() you will apply proper meta data tags to your time data, which means the data will be tagged as time. It also means that the functions by default will apply the TimeFormat variable value as its format pattern, which means you do not have to type the format pattern every time you convert data. This make you script easier to maintain, and mean you control the output format from your format variable and not in a each function call.
