"I hace written small code for testing development board but it is not working"

So what is not working ? Looking at your your code you seem to be wanting to shift a "1" on port P2 starting from LSB to MSB with a delay in between every shift. If so are you monitoring the state of the pin with a LED ? In short what is the human interface for your program ?

Straightaway this could be the bug : SJMP TIME

* It should be CALL. With a JMP, the MCU just jumps to the TIME routine and once it ends, it will be surprised to meet the RET instruction ! Now it will not know where to return as the poor fellow had not saved the point from where it jumped.

* For many assemblers, time != TIME. OK in this case you would have got an error and looks like your assembler is case insensitive.

Best would be to run this code on a simulator. And watch the registers.

Raghu