We need the statement that is
not a limitation.
Limitations of valence bond theory include:
- it does not explain colour properly,
- it does not distinguish weak and strong ligands well,
- it does not explain thermodynamic stability quantitatively,
- it has limitations in magnetic and structural predictions.
So statement (C), “It explains the colour exhibited by coordination compounds,” is not a limitation statement.
Hence, the correct answer is:
\[
\boxed{(C)}
\]