Preheat your oven to 350F. Lightly grease three 8-inch cake pans and set them aside.
In a large bowl, combine all the dry ingredients, except the walnuts, and mix well. Add in the wet ingredients and mix until you get a smooth batter. Gently fold in the chopped walnuts.
Divide the batter evenly among the three pans. Bake for 25-27 minutes, or until a toothpick inserted into the center comes out clean.
Allow the cakes to cool completely before spreading the cream cheese frosting between the layers and on top. Chill the cake in the fridge for about 30 minutes to set.