Context : Aims : In their HST /NICMOS observations , Terebey et al . 1998 ( T98 ) detected a candidate protoplanet , TMR-1C , that lies at a separation of about 10 \arcsec ( \sim 1000 AU ) from the Class I protobinary TMR-1 ( IRAS 04361+2547 ) located in the Taurus molecular cloud . A narrow filament-like structure was observed extending south-east from the central proto-binary system towards TMR-1C , suggesting a morphology in which the candidate protoplanet may have been ejected from the TMR-1 system . Follow-up low-resolution spectroscopy by Terebey et al . 2000 , however , could not confirm if this object is a protoplanet or a low-luminosity background star . Methods : We present two epochs of near-infrared photometric observations obtained at the CFHT of TMR-1C . The time span of \sim 7 years between the two sets of observations provides with an opportunity to , ( a ) check for any photometric variability similar to that observed among young stellar objects , which would indicate the youth of this source , and , ( b ) determine the proper motion . Results : TMR-1C displays large photometric variability between 1 and 2 mag in both the H - and K _ { s } -bands . From our 2002 observations , we find a ( H - K _ { s } ) color of 0.3 mag , which is much bluer than the value of 1.3 mag reported by T98 from HST observations . Also , we observe brightening in both the H - and K _ { s } -bands when the colors are bluer , i.e . the object gets redder as it becomes fainter . We have explored the possible origins for the observed variability , and find extinction due to the presence of circumstellar material to be the most likely scenario . The observed large-amplitude photometric variations , and the possible presence of a circumstellar disk , are strong arguments against this object being an old background star . Conclusions :