Yes, declining a question with "Sorry, I can't recall" or "I don't know this" is acceptable and often better than bluffing, as long as you demonstrate knowledge in other areas. The OP of this IIM Lucknow thread said "Sorry can't recall" when asked about TV display materials, and the panel moved on gracefully because prior responses showed competence. IIM Lucknow at Rs 22L fees and Rs 32.
When pressed to guess, explain the reasoning: "Based on my understanding of CRT technology, the materials likely include lead oxide for X-ray shielding and barium/strontium for phosphor coating, but I'm guessing." For questions you genuinely don't know (random trivia), confess cleanly. For questions in your domain, prepare thoroughly; claiming ignorance in your own degree area damages credibility.
Rule of thumb: it's better to say "I don't know" 2-3 times in a 20-minute interview than to bluff and get caught. Check your eligibility at collvera.