Hello Harish,
As described in the reference manual, the address compare block determines if a slave has been properly addressed, either by its slave address or by the general broadcast address (which addresses all slaves). I ignore how the Arduino I2C scanner works, but it should send broadcast messages to look for slave devices.
Nevertheless, the I2C module responds to a general call (broadcast) command only when I2CCR[BCST] is set. By default the BCST bit is disabled so it will not accept broadcast commands. Therefore, you should first initialize I2C module in MC1322x so it could either accept broadcasts or use a known slave address, which you can use to communicate with the MCU form the host controller.
To initialize the module properly please refer to the Reference manual. You could also use the Sound.c file of BeeKit project (Utilities folder) as reference since it initializes and uses I2C module.
Regards,
AngelC