I was getting the exception while I was working with SharePoint feature. I tried to figure out why I was getting the error. Then I found that while I was testing a feature I created a site column. Later I was working on another feature and in that feature I tried to create a list column with the same name.
So you may get this exception when you’ll try to create a list column with a name which is already used for any site column and these two have different data type.