Preheat oven to 375°. Butter a 10-in. round and 2-in.-deep cake pan. Set a piece of parchment paper, cut to fit, inside, then butter parchment and dust pan with flour. Set aside.
Beat eggs in a large bowl with a mixer, using the whisk attachment, until frothy. Gradually add sugar and beat on high speed until mixture is pale and leaves a ribbon when you lift whisk, 6 to 8 minutes; scrape bowl halfway through.
Whisk flour, baking powder, baking soda, and salt together in a medium bowl. Whisk milk, oil, and lemon zest and juice together in a large measuring cup.
Add one-third of dry ingredients, then half of wet ingredients to egg mixture, beating after each addition until smooth; continue until all are added and stop a couple of times to scrape inside of bowl.
Pour batter into prepared pan and set in oven. Immediately turn down heat to 350°. Bake until cake pulls away from pan and a toothpick inserted in center comes out clean, 50 to 55 minutes.
Cool on a rack 15 minutes, then loosen cake from pan with a knife. Turn out onto a plate, remove parchment, and carefully flip cake back onto rack. Let cool completely.
Make ahead: Up to 2 days, wrapped airtight.