In a medium bowl, cream butter, granulated sugar, and brown sugar; add eggs one at a time, beating well after each addition.
In another bowl, sift together cake flour, baking powder, allspice, and salt. Beat flour mixture into creamed mixture alternately with milk; beat in vanilla and TABASCO® Sauce. Turn into a lightly buttered 9-inch tube pan.
Bake in a 350°F oven for 50 to 60 minutes or until cake tester inserted in center comes out clean. Cool in pan on a wire rack for 20 to 30 minutes; remove from pan and cool completely. Before serving, dust with confectioners' sugar, if desired.
Makes 8 to 10 servings.