This checks the colors of permanents you control as it resolves.

If you control a white permanent, View from Above moves from the stack to your hand as part of its resolution. It never hits the graveyard. If you don't control a white permanent, View from Above is put into the graveyard from the stack as normal.

If View from Above is countered for any reason (for example, if its target has become illegal), none of its effects happen. It will be put into your graveyard as normal.