Jahnavi said:
My confusion is that we can express peak applied voltage as a product of impedance and peak current in the circuit i.e E0 = I0Z ,satisfying Ohm's law .
But we cannot express E as product of Z and I0sinωt ?
Z is a complex value, good for all time, but it is a phasor constant that doesn't, in general, work and play well with time-domain functions without some careful thought. I
0sinωt yields an instantaneous value at particular times. You could write what you did, with the understanding that you would obtain a function E(t) giving an instantaneous, complex value for the voltage. That complex value might be interpreted as voltage magnitude and phase with respect to the current. The issue then becomes one of interpreting the results in a useful manner. But nevertheless, Ohm's law will hold.
In practice we tend to use impedances in combination with phasor values for voltage and current, using some particular voltage supply to set the zero phase reference. But you can mix impedances with time domain functions if you're careful about the interpretation of the results.
If you think about instantaneous values only, whether peak or rms values, then the AC voltage will be described by some function E(t), and the current by some function I(t). Then for any instant in time there will be some value of resistance R(t) = E(t)/I(t). But this can give you the problematical situation where the resistance R(t) is not a constant over time. But, if you write the voltage and current as phasor values, say ##E = E_o \angle \phi## and ##I = I_o \angle \alpha##, then you can write ##Z = E/I## and Z will be a constant (complex) value.