Preheat oven to grease and flour roundcake pans. Sift flour, coco powder, baking soda and salt. Set aside.
Beat butter and sugar in a large bowl until light and fluffy. Add eggs one at a time. Mix in sour cream, milk, food color and vanilla extract. Add sifted flour And pour the batter into the prepared tins.
Bake for approx 40 minutes. Remove from oven and cool for some time. Transfer to wire rack and let the cakes cool completely.
For the Frosting, beat cream cheese, butter, sour cream and vanilla in a large bowl until light and fluffy. Gradually beat in the icing sugar until smooth. Fill and frost cooled cake with frosting.
Cover with rolled fondant as this will give a different look and feel to the cake for any special occasions (Fondant ingrediants and preparation method is available in other recipes like Prunes Cake, etc).