Dear Radha
Though I've not found any mention for checking the assumption of homogenity of var-covar between the indep var(s) & covariate but i'll for check it. Also m not sure of the very interpretation of "If we control the effect of co-variate then ......." Here how to control the co-variate? I've no idea as of now.
As regard Contrast, again i'll mention the same old story :-)
Use contrast when you know in advance which groups to compare, use Post hoc when you're not sure which one to compare.
Plz find attached the details of all contrast given in the Menu of Contrast (of ANCOVA, MANCOVA etc.)
Best wishes
Neeraj