Consequences of Non Linking of PAN with adhar.

No, your PAN will become invalid i.e. you won't be able to file return if PAN is not linked with Aadhar 

There is no official announcement about consequences on not linking pan with aadhar by 31.3.19.
There are merely different opinions by different person and no concrete consequences available.

your PAN will be invalid( refer 139AA of income tax act) and you won't be able to file a return.

Note that sec 139AA is regarding quoting of Aadhar number while filing returns.
As per sec 139AA you won't be able to file returns if you do not mention aadhar number.
Section no where mention that returns cannot be filed if aadhar is not LINKED to Pan card.
Kindly do not quote this section for linking of aadhar and do not create more confusion

https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/viewer.aspx?path=https://www.incometaxindia.gov.in/acts/income-tax%20act,%201961/2019/102120000000071816.htm&k= refer the subsection 2

Yes, please read sub section 2 clearly word to word...
It say person fails to *Intimate* Aadhar number, then PAN number shall be invalid and shall be treated as he is not holding PAN.
It uses the word "Intimate" and not "Link"

Also as said before, this are all just opinions of different people on this matter and there in no concrete consequences available for not linking.

https://www.livemint.com/money/personal-finance/pan-card-aadhar-card-link-aadhaar-income-tax-department/amp-1553583657777.H T M L

thanku everyone !

Most Welcome