How to get content type data on basis of assigned taxonomy?
The EntityFieldQuery class was built to do pretty much exactly that:

$query = new EntityFieldQuery();
$result = $query
  -&gt;entityCondition('entity_type', 'node')
  -&gt;entityCondition('bundle', 'product_list')
  -&gt;propertyCondition('status', 1)
  -&gt;fieldCondition('field_foo', 'tid', $term_id)
  -&gt;propertyOrderBy('created', 'DESC')
  -&gt;execute();

if (isset($result['node'])) {
  $nodes = node_load_multiple(array_keys($result['node']));
}