It is important to follow directions exactly! And please, don't make the mistake of using self-rising flour, the cake will run out of the pan and all over your stove. I speak from experience!
Heat oven to 325 degrees. Grease and flour a 10-inch tube or fluted pan or two 9x5 inch loaf pans.
In a medium bowl, combine flour, baking powder and salt. Stir with a fork to mix well. Set aside.
In a small bowl, whisk together milk and vanilla. Set aside.
In a large bowl, beat butter with a mixer at high speed until light and fluffy. Add brown sugar, in 3 batches, beating well after each addition. Add white sugar and beat well.
Add the eggs, one at a time, beating well after adding each egg. Add half the flour, and half the milk, beating on low speed ONLY until the flour and milk disappears into the batter. Add the remaining flour and then remaining milk, beating on low speed ONLY until the flour and milk disappears into the batter.
Quickly scrape the batter into prepared pan(s) and bake at 325 degrees for 1 hour and 10 minutes OR until the cake is nicely browned at the edges, springs back when touched lightly at the center, AND a toothpick inserted in the center comes out clean.
Cool the cake in the pan on a wire rack for about 20 to 30 minutes. Carefully loosen cake from sides of pan with a table knife. Turn cake out onto wire rack or plate to cool completely.
Pour Caramel Sauce over cake and serve. See Caramel Sauce recipe.