how to initialize time() object in python

You can create the object without any values:

>>> import datetime
>>> datetime.time()
datetime.time(0, 0)

You, however, imported the class datetime from the module, replacing the module itself:

>>> from datetime import datetime
>>> datetime.time
<method 'time' of 'datetime.datetime' objects>

and that has a different signature:

>>> datetime.time()
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
TypeError: descriptor 'time' of 'datetime.datetime' object needs an argument
>>> datetime.time(0)
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
TypeError: descriptor 'time' requires a 'datetime.datetime' object but received a 'int'

Either import the whole module, or import the contained classes, but don’t mix and match. Stick to:

import datetime
import time

if you need both modules.