I achieved a strong linear relationship between my $X$ and $Y$ variable after doubly transforming the response. The model was 
$Y\sim X$
 but I transformed it to 
$\sqrt{\frac{Y}{X}}\sim \sqrt{X}$
improving $R^2$ from .19 to .76. 

Clearly I did some decent surgery on this relationship. Can anyone discuss the pitfalls of doing this, such as dangers of excessive transformations or possible violations of statistical principles?