The story is known as Kacchapa Jataka (No 215). It has been the material for many Buddhist art work. While looking through my photos, I happening to notice this story being depicted in two different ancient temples oceans apart.
They are here for the interested reader.
This is a panel from Temple no. 2 in the Nalanda ruins in India.
This is the carving on the stairways of the Mendut temple in Indonesia, which is located just outside the Borobodur temple.
A close-up of the flying tortoise.
For the full story, check out this link.