Select the polygons where the label should go - copy&paste - Normal move a tiny bit to separate the polygons from the bottle not to confuse the render engine. UV unwrap the polygons - scale&move (invert selection to move all other polys from the UV template), save to PDF. Load PDF in an design app of your choice - create your label and export the square image as PNG or TIF incl alpha channel - most likely you need to flip the resulting image horizontally+vertically. I guess you know how to create new materials - don´t forget to utilize the alpha channel and set the IoR to 1 and the light source shadow type needs to be "Raytrace+trans".