What exactly does that mean when someone plays the old "you misinterpreted it" card?

How do we know when a so-called "holy book" is interpreted correctly or incorrectly? How?
Is there a master copy somewhere that's interpreted correctly so we can cross reference it to check?

Seems to me, the "you misinterpeted it" card is played when someone hears something they don't like and have no other arguments at their disposal.
Seems like a BS comment to me.