An angle dependent analysis of the planar Hall effect (PHE) in nanocrystalline single-domain Co(60)Fe(20)B(20) thin films is reported. In a combined experimental and theoretical study we show that the transverse resistivity of the PHE is entirely driven by anisotropic magnetoresistance (AMR). Our results for Co(60)Fe(20)B(20) obtained from first principles theory in conjunction with a Boltzmann transport model take into account the nanocrystallinity and the presence of 20 at. % boron. The ab initio AMR ratio of 0.12% agrees well with the experimental value of 0.22%. Furthermore, we experimentally demonstrate that the anomalous Hall effect contributes negligibly in the present case.