I just introduce \tincludegraphics
that shifts the image down by its height minus the height of a text strut.
\documentclass{article}
\usepackage[demo]{graphicx}
\usepackage{lipsum}
\newcommand\tincludegraphics[2][]{%
\raisebox{\dimexpr-\height+\ht\strutbox}{\includegraphics[#1]{#2}}%
}
\begin{document}
Smaller than image size:\\
\begin{tabular}{c c |p{0.30\linewidth}}
{\tincludegraphics[height=1in, width=0.30\linewidth]{BoAwoNO2}}&
{\tincludegraphics[width=0.30\linewidth]{BoAwithNO}} &
Text
\end{tabular}
Now larger than image size:\\
\begin{tabular}{c c |p{0.30\linewidth}}
{\tincludegraphics[height=.5in,width=0.30\linewidth]{BoAwoNO2}}&
{\tincludegraphics[width=0.30\linewidth]{BoAwithNO}} &
\scriptsize\lipsum[4]
\end{tabular}
\end{document}

If centered images were desired, I define \cincludegraphics
...
And rather than using a p
column, I used a \parbox
with the [c]
centering option. In this way, the text and images will always be centered relative to each other.
\documentclass{article}
\usepackage[demo]{graphicx}
\usepackage{lipsum}
\newcommand\cincludegraphics[2][]{%
\raisebox{\dimexpr-.5\height+.5\ht\strutbox}{\includegraphics[#1]{#2}}%
}
\begin{document}
Smaller than image size:\\
\begin{tabular}{c c |c}
{\cincludegraphics[height=1in, width=0.30\linewidth]{BoAwoNO2}}&
{\cincludegraphics[width=0.30\linewidth]{BoAwithNO}} &
\parbox{0.30\linewidth}{Text}
\end{tabular}
Now larger than image size:\\
\begin{tabular}{c c |c}
{\cincludegraphics[height=.5in,width=0.30\linewidth]{BoAwoNO2}}&
{\cincludegraphics[width=0.30\linewidth]{BoAwithNO}} &
\parbox{0.30\linewidth}{\scriptsize\lipsum[4]}
\end{tabular}
\end{document}

\documentclass{...}
and ending with\end{document}
.