If the TV goes in standby, then it is in protection mode.
Ensure also that the fault is not coming from a faulty receiver box sending
bad signal, check if you get same problem on DVD with no receiver box
connected.
Try first leaving the TV power cord unplugged for some times, let say one hour or so.
The flashing light indicates a diagnostic state called protection.
When the TV goes on protection there are only two possible causes.
1The
internal circuits are jammed because of electrostatic
charges accumulating on capacitors, or because of a wrong voltage read
by the main chip on your monitor controller board. this started the
protection circuit.
2 The protection circuit detected a wrong
voltage or abroken contact, identified an internal fault and kicked in
, starting the flashing light.
If you are in situation one, then the TV will reset just unplugging power cord for one or two hours,sometimes even minutes.
If you are in situation 2 , then there is an internal fault.
If under warranty contact the manufacturer ringing the number on the user manual
If you want to repair at your own expenses, just locate any good qualified repairer.
If you want to DIY you find parts here,
All:
Appliance parts, electronics parts & more from PartStore.comEncompass Parts DistributionLCD/Plasma
Electronic Replacement Parts: Plasma & LCD TVs, Appliances |On LCD Pay
particular attention at inverter and power board, power board can be
inspected looking for bulged or leaking capacitors, then tested with a
multimeter. The inverter is more difficult to test , there is need to
read voltages, should be done by a tech. Also the LCD controller board can cause same problem
On Plasma, test Sustain (Ysus/Zsus) / Buffer boards , cables to plasma, digital board and power board.
On Rear Projection : check lamp, lamp ballast, power board, and convergence.
On CRT TVs, check ballast , flyback transformer, CRT, Tuner, Convergence.
Expert
