Any action can be decided as right or wrong depending on the situation at the time the action was taken.
The good points forcasted at that time were:
1. Divided Pakistan is weaker than united one.
2. The war was anyway inevitable.
3. The liberated Bangladesh would be a good neighbour.
As of now, the only benefit we are enjoying is that Bangladesh being a separate nation is a non-nuclear nation. The border is not good, but not as fiery as that of Pak.
However it is a proved fact that after Pak border being tightly sealed, major Pak activities against India are done in Bang soil, that too with latter's help.
It can be said as our misfortune that Bang has forgotten the genocide that Pak created in their country, and proving themselves to be the most ungrateful nation of the world.