Hi, Harjit,
The MCF5223x does not have an instruction cache. This is the case for all ColdFire devices that do not have an external bus. WIthout an external bus, there is no use for a cache as all the memories are already on-chip.
However, all V2 ColdFire devices do have an instruction buffer or FIFO between the instruction fetch pipeline and the operand execution pipeline. This is not a cache. It is just a way to allow the core to buffer instructions fetches and minimize potential stalls (waiting for instructions to be fetched).
-mnorman