What version of iTunes are you using and are you using PC or Mac?
I use a Mac and this happened to me on iTunes 11.
I eventually found the track on my Mac which i'd obviously managed to partially delete as it wasn't found when searching within the iTunes app. I found it by using Finder and looking in my Music folder. I then deleted it, logged onto iTunes and Hey Presto! it was then available to download again.
Also worth checking that the Apple ID you're using is the one you used to purchase the track (if you have more than one Apple ID)