Yes it can. But the spec doesn't call for it and most manufacturers follow the spec.
The BW spec for 1.4 is 340MHz. The above resolution is 165MHz.
Looking at bit rate, at RGB 4:4:4 at the above it needs 2.65Gbps, max spec is 3.4Gbps.
The short answer is it won't accept that signal, but not because it's incapable.
The new GT50 screen possesses 4:4:4:
"Here you will also find a new control called
1080p Pure Direct that promises to pass a full 4:4:4 video signal over HDMI, allowing for slightly enhanced chromatic resolution. The acceptance of 4:4:4 is new ground for Panasonic PDP and another sign theyre taking the enthusiast market seriously. There is also a control for
Intelligent Frame Creation or
24p Smooth Film (when the content is encoded at 24p) which can be set to Off/Min/Mid/Max. Then there is the
Clear Cinema mode for film cadence detection and the
Resolution Enhancer control which is essentially another sharpness control and is best left off. The
DVI Input can be set to either Normal or Full, where Normal represents video levels (16-235) and Full corresponds to PC levels (0-255) but if the input is straight HDMI rather than a HDMI to DVI connection the GT50 will automatically operate in Normal mode." -http://www.avforums.com/reviews/Panasonic-GT50-TX-P50GT50B-P42GT50-42-50-Inch-Full-HD-3D-Plasma-TV_287/Review.html
So can we expect 1080p at 120hz on a PC or what?