We present a theoretical analysis of the selective darkening method for implementing quantum controlled-NOT (CNOT) gates. This method, which we recently proposed and demonstrated, consists of driving two transversely-coupled quantum bits (qubits) with a driving field that is resonant with one of the two qubits. For specific relative amplitudes and phases of the driving field felt by the two qubits, one of the two transitions in the degenerate pair is darkened, or in other words, becomes forbidden by effective selection rules. At these driving conditions, the evolution of the two-qubit state realizes a CNOT gate. The gate speed is found to be limited only by the coupling energy J, which is the fundamental speed limit for any entangling gate. Numerical simulations show that at gate speeds corresponding to 0.48J and 0.07J, the gate fidelity is 99% and 99.99%, respectively, and increases further for lower gate speeds. In addition, the effect of higher-lying energy levels and weak anharmonicity is studied, as well as the scalability of the method to systems of multiple qubits. We conclude that in all these respects this method is competitive with existing schemes for creating entanglement, with the added advantages of being applicable for qubits operating at fixed frequencies (either by design or for exploitation of coherence sweet-spots) and having the simplicity of microwave-only operation.