Drupal 7 : Update taxonomy term programmatically

Drupal 7 : Update taxonomy term programmatically

<?php 
    	define('DRUPAL_ROOT', '/home/vhosts/domain.com');
    	require_once DRUPAL_ROOT . '/includes/bootstrap.inc';
    	drupal_bootstrap(DRUPAL_BOOTSTRAP_FULL);
    	require_once( DRUPAL_ROOT . '/sites/all/libraries/simplehtmldom/simple_html_dom.php');
    	
    	include("phpcrawler/libs/PHPCrawler.class.php");
    	set_time_limit(0);
    
    	$vid = 10; // Category
    	if ($terms = taxonomy_get_tree($vid)) {
    	  foreach ($terms as $term) {
    	 		if ($term->tid == 61440){ // Working with term 61440
    	  			$term_name = $new_value;
    	 		
    		  		$new_term = taxonomy_term_load($term->tid);
    		  		$new_term->name = $term_name;
    		  		print_r($new_term);
    		  		taxonomy_term_save($new_term); 
    	  		}
    	  }
    	}
?>