Bed and breakfast noc from society

Until and unless this is an illegal business or activity,  the society cannot refuse permission or NOC.

The society may at its discretion may levy some charges for this commercial activity. 

Thanks for the reply.. Further to the above question I want to ask can the managing committee pass a law in a General Body meeting with simple majority baring members from using their property for B&B?

Thanks in advance 

Any such law that the management may propose to pass or get it passed will not be legally valid because it is deprivation of an individual's rights. 

The society cannot dictate its terms,  such decisions are to taken by a two third majority. 

You can take legal action if you're forced to stop by filing a suit for permanent injunction against the management.