First of all please check on the OMAP3530 side if the SCL is pulsating when you are attempting a DAC read. If that's correct, check the same line near DAC. if you are getting clock on both sides check the SDA. If either is correct, check the I2C driver you have implemented in OMAP3530 . Another thing- 2K2 seems to be a bit strong pull up to me. 10K or 13K on either sides of the voltage translator would be my choice. If you miss either SCL or SDA, check the input and output pins of voltage translator.