Portable photoshop application. Is it illegal?

It's not legal. Users make a copy of their Photoshop program folder, and share it. It runs fine, but if you get caught, or get reported, say to the FBI. You'll be jailed or fined or both.

Photoshop Portable App

Yes. It is software piracy. Any site offering Photoshop for free download that isn't the Adobe site is offering pirated software. Any claims that you can get a portable version are illegal. You can BUY Photoshop from many legal sources (for example, Amazon.com), and of course directly from Adobe.com, but you cannot get any free versions except for the trial version direct from Adobe.com

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Adobe not released any portable photoshop application officially.

So this one is absolutely illegal.

depends on the laws in your country but i would say that they would not release a copy of it if it was illegal because if it is a exe file they can not get into the code to modify it so it must be legal i would say you would be alright but i would ask one of your teachers at college