I firstly connected my Android4.0.3 based device via USB and set the TCP/IP port to 5555
$ adb tcpip 5555
After that I disconnected USB connection and connected to device via WiFi IP and it worked.
$ adb kill-server
$ adb connect 192.168.2.5
* daemon not running. starting it now on port 5037 *
* daemon started successfully *
connected to 192.168.2.5:5555