I found the root cause and manage to upload the file.
I grasped a hint from the error:
"The asset description specified is not a file"
The application says the file we specify path to is actually not the file. So it does not find the file.
It is because "iTMSTransporter" looks for the Asset Description file in the location of its installation instead of where the command war run.
Copy the files you want to upload and run the command where you have "iTMSTransporter.cmd" installed and it is gonna work.