Now I'm aware of the proof for the volume of a cone being a third of the volume of the corresponding cylinder and the proof is satisfactory.
Here's an alternate approach that seems to imply that the volume of the cone is actually half the volume of the cylinder. Now it clearly is a wrong result and hence my approach as a whole or some step within it is wrong. I'm not able to spot the error here and would appreciate help. It is as follows,
Imagine a cylinder with a radius r and a height h. Imagine the cylinder to be translucent. Now construct a cone inside the cylinder. Draw an altitude right through the middle of the cone, through the core of the entire structure (cone inside the cylinder). Imagine the structure right in front of your eyes. Consider a 2D vertical cross section of the shape right through the middle. The cone can be divided into two triangles on either side of the altitude with areas equal to (rh)/2. There are two inverted triangles on either side of the cone which would become the parts of the left-over cylinder should the cone be removed. Areas of these triangles are also (rh)/2. This parity of the two inner triangles(inside the cone) and two outer triangles (outside the cone) would be true throughout the cylinder. In other words, an infinite number of such pairs exists about the central altitude line. All such pairs, when added up, make up the solid cylinder. This implies that the volume of the cone and the volume of the left-over shape when the cone is removed are the same, that is, the cone is half the volume of the cylinder. What am I missing?
I apologise for framing such a long and maybe, to some degree, an unintelligible question. I would have provided an animation had I the know-how.


The parts of the triangles on the outside contribute more to the volume than the parts on the inside, and the triangles belonging to the cone are on the inside, so they contribute less than half the volume.
The way to see this to imagine not just the cross section, but a whole "slice of cake" (if you imagine the cylinder to be a cake). The cylinder is made up of many such cake slices, each of which is wider on the outside of the cake than at the center. But this is not apparent if you only look at your slices sideways. You have to look at them from above, too.
Such contribution can't be ignored when calculating volumes.