When you acquire the Aghanim's Scepter during the cast time of Time Lapse, the spell goes on cooldown and expends the mana, but does nothing at all besides that. It gets completely wasted.

Repro:
1. Start casting Time Lapse
2. During the cast time, acquire Aghanim's Scepter (e.g. have a courier deliver it during the cast time, or get the aghs Synth buff from an allied Alchemist)

Result: When aghs is acquired during the cast time, the spell does nothing but waste mana and cooldown. Since aghs requires a target, and no target was set on cast begin, it nils, so that the spell does nothing.

Expected: When the target is nil, it should use the caster as a default target, instead of doing nothing.

Note: Chaos Knight's Phantasm has the same bug. Only Luna's Eclipse works properly. It defaults to Luna as the target when getting aghs during the cast time.