Sift together flour, sugar, baking powder and salt. In another bowl, combine milk and vanilla.
In bowl of stand mixer, or using a hand mixer, cut in shortening. Add 2/3 of milk mixture, then eggs, then the rest of the milk. Beat 2 minutes.
Butter and flour two 8" cake pans. Divide batter evenly between pans. Bake in preheated 375°F oven until a toothpick inserted in cake comes out clean, 20-30 minutes. Spin pans 180° and swap upper for lower rack after 15 minute.
Cool 10 minutes in pans, then turn out and cool completely on cooling racks. Fill and frost with your favorite frosting.