open raw in C1 (CaptureOne), export to .tiff with camera profile embedded (icc profile embedded in .tiff)
open the tiff file in PS CC
... see below...
duplicate the current layer convert to smart object invoke Camera Raw filter
now where is the error ? here :
1) if we convert colors when opening the tiff to PS CC working color space (RGB) there is no error, everything is just fine..
2) if we don't convert colors when opening the tiff to PS CC working color space (RGB), but rather prefer to stay with the embedded profile then ACR invoked as a filter will give us an infamous "St Andrew's Cross"... which is wrong... for example we can open the same tiff directly with ACR and it works just fine ( ACR perfectly handles the embedded profile )