Chalcones can unusually serve as the precursors of acetophenones which then undergo formal (4+1) cyclization with internal alkynes via rhodium(III) catalysis in a regio- and chemoselective manner. 1-Indanones containing quaternary carbon centers along with reusable aryl aldehydes were formed by this annulation. This discovery enables a practical two-step protocol to indanones from the reaction of acetophenones