FLC IN CITATION ENCOUNTERED A SMA ACFT LNDG ON THE SAME RWY THEY WERE DEPARTING AT VNY ARPT.

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OUR CITATION; ACFT X; WAS CLRED FOR TKOF ON RWY 34L. WE WERE ADVISED OF DEPARTING TFC ON THE PARALLEL RWY 34R. AS WE TAXIED INTO POS; I (THE PNF) COMPLETED THE DEP CHKS; WHICH INCLUDED THE TURNING ON OF ALL ACFT LIGHTS TO THEIR FULL ILLUMINATION. AS WE STARTED THE TKOF; THE FO (THE PF) AND I BOTH OBSERVED THE TFC IN OUR 12 O'CLOCK POS. WE BOTH ASSUMED IT WAS THE DEPARTING OFF OF THE PARALLEL RWY. AS WE APCHED DECISION SPD IT APPEARED THAT THE TFC HAD DRIFTED TOWARD OUR DEP PATH. IMMEDIATELY AFTER ROTATION; IT BECAME APPARENT THAT THE TFC WAS NOT THE DEPARTING ACFT; BUT ANOTHER ACFT THAT WAS GOING TO LAND ON OUR DEP RWY. THE PF SIMULTANEOUSLY CALLED FOR THE LNDG GEAR TO BE RAISED AS HE INITIATED A HARD BANK TO THE L. THIS EVASIVE ACTION STARTED AT APPROX 35 FT AGL WITH MAX TKOF THRUST BEING DEVELOPED ON BOTH ENGS. A BANK ANGLE OF 45-50 DEGS WAS USED DURING THE ESCAPE MANEUVER. WHEN WE WERE CLR OF THE DEP PATH; WE RESUMED A NORMAL CLB PROFILE IN COMPLIANCE WITH THE CTL TWR'S INSTRUCTIONS. AT THIS TIME; I QUERIED THE TWR AS TO THE NEAR MISS. THE LCL CTLR WAS AS SURPRISED AS WE WERE. WE LATER LEARNED THAT THE CONFLICTING TFC WAS NORDO AND INTENDED TO LAND ON THE RWY WE HAD JUST DEPARTED. THE FACT THAT THE OTHER ACFT WAS NORDO AND/OR NO XPONDER PREVENTED OUR ONBOARD TCASII FROM ALERTING US. I FIND NO FAULT WITH THE CTLRS AT VNY. IN MY OPINION; HAD WE REJECTED THE TKOF; THE OTHER ACFT WOULD HAVE LANDED ON TOP OF US. CALLBACK CONVERSATION WITH RPTR REVEALED THE FOLLOWING INFO: RPTR STATED THEY WERE IN A CITATION 10 ACFT WITH NO PAX AND A VERY LIGHT LOAD. HE DESCRIBED THE OTHER ACFT AS A LOW WING SINGLE ENG TYPE. HE WAS LATER TOLD BY THE TWR SUPVR THE ACFT WAS AN AA-5 GRUMMAN AMERICAN. THE TWR ALSO TOLD HIM THAT THE PLT OF THE OTHER ACFT HAD DEPARTED FROM AN ARPT E OF BURBANK AND HAD LOST ALL ELECTRICAL PWR ENRTE TO VNY.