iTunes Match - This item is not eligible for iCloud

Solution 1:

I've got that same CD and iTunes was able to download that track via Match.

It looks like your problem is due to the file's bit rate. Match requires bit rates greater than 96kbps, yours shows 84kbps:

http://support.apple.com/kb/TS4124

I found this tip for reencoding from within iTunes:

http://www.mac-forums.com/forums/ipod-hardware-accessories/58137-change-encoding-itunes-possible.html#post361408

You can change the encoding quality by changing the quality settings in iTunes -> Preferences -> Advanced -> Importing. Reselecting the songs that are at 320, right clicking and hitting Convert to MP3 (Or AAC whatever you use) will reencode them to the lower rates

I believe when you do this, it preserves the original file, but make a backup, anyway - better safe than sorry.

Solution 2:

The reason why this particular song is not eligible for iCloud is, that it is compressed with a variable bitrate. And the bitrate at the beginning of the track is less than 96 kbit/s wich is the minimum to be matched bei iTunes Match.

Solution 3:

I had the same situation where a selection of my older tracks were marked as ineligible. After some brief investigation I realized it was because I'd bought these using a different iTunes account (I created a new account after I emigrated to a new country). I guess there's nothing I can with these old ones.