The theory of reincarnation as the transmigration of a soul into a new body after the old body dies, is based on physical self. When the self is not physical but it is the formless spirit or consciousness , then this theory holds no water.
According to theory of rebirth, it is the energy or conditioning created by one life that is reborn into another, not a soul. "The person who dies here and is reborn elsewhere is neither the same person, nor another, but all this theories are based on the false self holding the illusion as reality. Therefore there is a need to analyze the three states and trace the formless witness of the three states in order to realize the three states are mere illusion. And the formless witness of the three states is the true self. On the standpoint of the formless true self the birth, life and death are part of the illusion. Thus on the ultimate standpoint the birth, life and death are mere illusion therefore the rebirth theory also imaginary theory based on the false self. Believing in rebirth theory is accepting the illusion as reality. Accepting illusion as reality is accepting the birth, life and death and the world as reality.
