Those blinks [flashes] are fault indication (Error Codes). From the number of blinks occur at one time switch ON, you can get an idea about the faulty circuit section inside it. This will make repair easy. These are called blinking codes. Make sure about the exact number of blinking of the standby/power LED, by switching On & OFF the set, for at least two times. Count it carefully. If you wish to get some details, check the site linked here. It has details about blinking codes, and fault locating procedure, to many popular brand TVs and other devices.
http://homenol.blogspot.com/
http://electronicshelponline.blogspot.com/
If blinks continue without any pause, the main board is faulty.
Search the site by type in the "brand name" to your device, in the "Search box at the top right of the display window of the Homepage" to get gathered related posts.
SOURCE: Flashing power button tv won't turn on
yes call the tech and have the power board replaced. In future have the TV plugged into an anti surge board to protect it ( and you from expensive repair.) I suspect you will need a new power supply fitted
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SOURCE: Toshiba 42HP66 No Picture, Only Power Works
try replaced z board Manufacturer Toshiba Part Number 75003032 Description ZSUS PCB ASSY
SOURCE: Our Toshiba 42HL196 TV refuses
If the tv doesn't reset after being unplugged awhile, there's an internal problem, and the unit will have to be serviced. Make sure the cable input isn't loose, and that the cable cord is good. Aside from that, there's not much you can do. Some cities have mobile TV repairmen that will service the unit in your home, and it's much more convenient. Look in your Yellow Pages under TV Repair.
Good luck, and hope this helps.
SYMPTOM: Won't turn on or intermittently won't turn on, Red LED Flashes.
CAUSE: Loss of Main Switched Power Sources. Standby power is OK.
SOLUTION: Replace Regulator IC Q820 with Toshiba Part # 23135094
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