Heat oil in a nonstick pan, and cook beef until colour changes.
Break the meat into pieces with a wooden spatula while cooking.
Season beef with salt and pepper, adjust if necessary.
Pour V8 vegetable soup into beef, and bring to a boil.
Dice potatoes, celery, and carrots while soup boils.
Add diced vegetables to the boiling beef mixture.
Pour undrained Italian diced tomatoes into the soup.
Add water, salt, pepper, basil, and sugar. Insert bay leaf.
Cover and simmer for more than half an hour.
Soup will develop flavours; vegetables will tenderise.
Once the soup tastes good, and the ingredients merge, turn off the heat.
Serve hot in bowls when ready.