What is difference between instantiating an object using new vs. without

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In C++,

Aside from dynamic memory allocation, is there a functional difference between the following two lines of code:

Time t (12, 0, 0); //t is a Time object

Time* t = new Time(12, 0, 0);//t is a pointer to a dynamically allocated Time object

I am assuming of course that a Time(int, int, int) ctor has been defined. I also realize that in the second case t will need to be deleted as it was allocated on the heap. Is there any other difference?

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