Hi Ravi,
If your purpose is to set the ip address for the eth0 interface in pandaboard, do the following
first to check what are the interface available and their properties execute the command
$ netcfg
you can see eth0 as DOWN with no IP address
Now execute
$ ifconfig eth0 192.xxx.xxx.xxx up
Now your ethernet interface would have been configured.
Regards,
Murali.M