Source: Jewish Holiday Kitchen - Joan Nathan

INGREDIENTS:

3 cups sifted all-purpose flour
2 tsp baking powder
2 tsp baking soda
½ tsp salt 
2 tsp cinnamon
2 cups sugar
1½ cups vegetable oil
3 cups grated raw carrots (1 pound)
4 eggs
½ cup chopped walnuts

DIRECTIONS:

1. Preheat oven to 350 degrees F. Grease and flour a 10-inch bundt or tube pan.
2. Sift the flour together with the baking powder, baking soda, salt, and cinnamon 
3. In another bowl, combine the sugar and vegetable oil and mix thoroughly. Add the carrots and blend well. 
4. Add the eggs, one a time, to the carrot mixture, beating well after each addition. Fold in the nuts. Then gradually add the flour mixture, blending well.
5. Pour batter into the bundt pan. Bake for 1 hour, cool before frosting.  

FROSTING:

3 ounces cream cheese
¼ cup butter or margarine
2 cups powdered sugar
1 tsp lemon juice

When Cake is cool, blend together the above ingredients and frost.